Commodities: Crude Oil erases losses, precious metals quiet ahead of ECB meet
Crude Oil touched a session high of 95.72 as pit trade opened but plunged into the Red and to a session low of 94.26 moments after trading in the equity markets began.
Despite the fall, the energy component erased the losses and climbed back into the Green by afternoon action. Crude Oil then chopped around near the unchanged line and settled four cents higher at 95.38 bbl.
Nat Gas trended lower into negative territory after it brushed a pit session high of 2.84 per MMBtu in morning action. It fell as low as 2.78 per MMBtu just before it settled with a 2.1% loss at 2.80 per MMBtu.
Gold trade between positive and negative territory in choppy fashion during Wednesday's pit trade. The action came ahead of Thursday's ECB meeting. Gold tapped a session low of 1691.50 and peaked at 1697.60. The precious Yellow metal eventually settled slightly lower with a 0.1% loss at 1694.20 oz.
Silver tapped a session high of 32.43 in morning action but was unable to stay in positive territory. It spent the remainder of its session trading just below the unchanged level and settled 0.2% lower at 32.33 oz.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.