Crude Oil futures extended their rally to a second consecutive session after posting a gain of 3.7% to close at 82.59 bbl.
Over the past 2 sessions futures have now gained 9%, and have recouped close to all of their losses from the recent 3rd session pullback.
Strength in equities helped Crude Oil futures trade to the upside Thursday.
Nat Gas ended higher by 1% at 3.60 per MMBtu. Futures sold off following this morning's inventory data, which more-or-less came in line with expectations, but managed to rally off of lows to finish the session in the Green.
Following the volatile trade in Gold early, it was a relatively quiet session for the precious metal. Futures chopped around the flat line for most of the day but managed to push into the Green heading into the close of pit trade to post gains of 0.7% at 1653.20 oz. Silver futures gained 5% to close at 32 oz, traded steadily higher throughout the session to close near the highs of the day.
The Gold market waffled around both sides of unchanged Thursday. After an initial upside breakout early, the Gold market set back from its initial well ahead of mid session.
The Dec Gold contract managed to regain some Bullish traction in the early Thursday afternoon trade. Gold might have been helped by weakness in the USD but it is also possible that some buyers were stepping into positions ahead of the US non farm payroll report Friday as many think that information could dash recession expectations or rekindle widespread macro economic uncertainty.
The Silver market outperformed the Gold market for the majority of the Thursday US trade action.
Silver seemed to be feeding off Strong recovery action in a host of physical commodity markets, which in turn were cheered by the appearance of an improvement in EuroZone affairs and perhaps even by a slightly improved US macro economic outlook.
In the past, sharply higher equity market action seemed to give off a feeling of optimism but many expect that view to be put to a test Friday morning.
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.