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Commodity Important Updates for 16 Dec 2016

Commodity Important Updates for 16 Dec 2016

Naturalgas trading range for the day is 223.3-248.7.Natural gas dropped as worries about approaching warmer weather outweighed storage data that showed an unexpectedly large draw from inventories. The US EIA said in its weekly report that natural gas stockpiles fell by 147bcf in the week ended Dec. 9.Meanwhile EIAGAS Weather models projected temperatures will remain much colder than normal through Dec. 20 before turning warmer than normal.

Crudeoil trading range for the day is 3352-3564.Crude oil dropped on the back of a broadly stronger U.S. dollar after the Federal Reserve raised interest rates for the first time in a year. EIA showed that commercial crude inventories last week declined by 2.56 million barrels to 483.19 million barrels. OPEC member Kuwait expects oil prices to be about $50-$60 a barrel in January when the OPEC deal to cut output comes into effect, its oil minister said.

Silver trading range for the day is 37700-42134.Silver dropped as the dollar surged to its highest in 14 years after the U.S. Federal Reserve raised interest rates. Fed signaled a faster pace of increases in 2017 as central bankers adapted to the incoming Trump administrations promises of tax cuts Holdings at ishares silver trust dropped by 0.70% i.e. 73.74 tonnes to 10534.54 tonnes from 10608.28 tonnes.

Gold trading range for the day is 26607-27607.Gold prices fell as Fed said it may need to hike rates three times in 2017 as it made a widely expected nudge up in its policy rate. Federal Reserve provided guidance of as many as three increases next year, with investors focused on plans by Trump to cut taxes SPDR gold trust holdings dropped by 0.84 i.e. 7.11 tonnes to 842.33 tonnes from 849.44 tonnes.

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