Natural gas trade low on weather forecasts

Natural gas futures reached the lowest level since February on Monday, due to mild weather forecasts and concerns over ample supplies. On the New York Mercantile Exchange, natural gas futures for September delivery decreased 0.25% and traded at 3.339 USD per million British thermal units. NYMEX gas prices dropped to a session low of 3.315 USD per million British thermal units earlier in the trading session, the lowest level since February 22. The September contract decreased 1.2% to 3.347 USD per million British thermal units on Friday. Weather forecasting models kept pointing to cooler...

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Gold futures plunged, Oil traded higher

Gold futures shifted trend and traded aggressively lower after reaching a three week high in Wednesday’s US session. On the New York Mercantile Exchange’s Comex division, gold futures for August delivery dropped 1% to 1,277.55 USD per troy ounce on Wednesday. Gold futures were expected to find support at 1,237.05 USD a troy ounce and resistance at 1,301.75 USD. Earlier in the session traders bid bullion higher after Federal Reserve Chairman Ben Bernanke reported the pace of the central bank’s bond purchases is not a “preset course”. Bernanke said: “I emphasize that, because our asset...

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Crude oil futures hit one week high

Crude oil futures traded high today and hit a one week high on Wednesday, as US government report displayed oil supplies lost gains significantly more than analysts expected last week. On the New York Mercantile Exchange, light sweet crude futures for June delivery traded at 94.40 USD a barrel, up 1.2% on the day. New York oil prices grew by 1.5% earlier today and hit a session high of 94.47 USD a barrel, the highest level since May 29. The US is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand. Before the release of the supply data report, prices...

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