Crude Oil rose for a 3rd consecutive session after it got a boost from a weaker USD following lower-than-anticipated jobs data.
The energy component fell to its pit session low of 94.08 shortly after equity markets opened but worked its way back into Green territory. It continued to advance in afternoon action and finished slightly below its session high of 96.74. But, Crude Oil's climb fell short of a weekly gainer as it settled at 96.42 bbl, or 0.04 below last week's closing price and despite strong inventory data.
Nat Gas struggled in the Red for its pit session Friday, dipping to a session low of 2.67 per MMBtu. Trading in Nat Gas futures was temporarily halted in morning action at 2.70 per MMBtu due to technical issues. After trading resumed, Nat Gas chopped around just below that level and settled the week 4.3% lower at 2.68 per MMBtu.
Precious metals charged into positive territory following the weak US jobs report as the data renewed hopes for another round of QE to aid the economy.
Momentum continued as both Gold and Silver continued to climb higher as their sessions progressed.
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Gold tapped a high not seen since February at 1745.40, and finished the week 3.2% higher at 1740.10 oz.
Silver tapped a session high at 33.78 just before it finished with an impressive 7.3% weekly gainer at 33.73 oz.
The week's advance was also supported by yesterday's ECB's announcement of a bond-buying program and a number of US economic data.
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.