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MCX COMMODITY EVENING NEWS UPDATES – 16 JUNE 2017

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CRUID OIL – U.S. oil moved higher on Friday, but gains were expected to remain limited as ongoing concerns over the level of global supplies continued to weigh on the commodity. Oil prices have been under pressure in recent weeks as concern over rising U.S. shale output offset production cuts by OPEC and non-OPEC members. Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.

GOLD Gold prices edged higher on Friday, but were still hovering near a three-week trough as the greenback remained broadly supported after recent upbeat U.S. data and the Federal Reserve’s decision to raise interest rates. The greenback gained ground after the release on Thursday of encouraging data on U.S. initial jobless claims, as well as on manufacturing activity in the Philadelphia and New York areas. The data came a day after the Fed raised interest rates from 1.00% to 1.25%, in a widely expected move. However, disappointing U.S. inflation data released the same day raised questions about whether the central bank will be able to hike rates again later this year. Market participants were now looking ahead to U.S. housing sector and consumer sentiment, due later Friday for further indications on the strength of the economy.

NATURAL GAS U.S. natural gas futures rose sharply on Thursday, after data showed that natural gas supplies in storage in the U.S. rose less than anticipated last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 78 billion cubic feet in the week ended June 9, below forecasts for a build of 86 billion. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Nearly 50% of all U.S. households use gas for heating.

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