Nat Gas rises, other raw Commodities decline
Crude Oil saw volatility in today's pit trade as it continued its decline for a 4th consecutive session Wednesday.
It briefly moved into positive territory in this morning action, but quickly returned to the Red.
Weaker-than-anticipated inventory data that showed a build of 2.1-M bbls in the face of calls for a build of 1.5-M bbls was in the mix.
Crude Oil touched a session low of 92.28 bbls ahead of the FOMC minutes, and settled the session with a 1.3% loss at 92.78 bbl.
Nat Gas outperformed, rising 5.2% to 2.62 per MMBtu. The energy component is now up more than 30% since the low that it set last month.
Precious metals extended losses, despite only a marginal gain by the USD.
Gold and Silver spent the entire pit sessions in negative territory. Although they attempted to erase losses in morning action, taking Gold up to 1552.20 and silver to 27.97, the move was unsustainable.
Gold and Silver set respective session lows of 1534.10 and 27.13 before Gold settled with a 1.4% loss at 1536.30 and Silver finished at 27.18 oz for a 3.0% loss.
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.