Commodities fought sellers
Crude Oil came off its morning low of 82.15 bbl to push into positive territory, extending its climb to a session high of 84.02 bbl shortly after weekly inventory data showed that gasoline inventories had a draw of 1.72-M bbls when a build of 1.40-M bbls had been anticipated.
Weekly Crude Oil inventories experienced a smaller-than-expected build of 191,000 bbls. The energy component failed to sustain its gain and fell back into the Red, settling with a 0.9% loss at 82.56 bbl.
Nat Gas chopped around in negative territory for its entire floor session. It set a session high of 2.23 per MMBtu, but fell lower as it headed into the close. It settled at its session low of $2.18 per MMBtu with a 2.7% loss.
Gold made it into positive territory ahead of pit trade open Wednesday. It traded up to a session high of 1626.00 oz, but fell back to the unchanged mark.
Despite the dip, the precious Yellow metal was able to reclaim gains in afternoon action and settle the pit session 0.4% higher at 1619.90 oz.
Silver rallied to a session high of 29.09 oz in early morning action, and later fell into negative territory to a session low of 28.77 oz. It spent the afternoon session attempting to rebound, finishing at 28.93 oz, just 0.01 below the flat line.
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.