Crude Oil Dropped As Concern Over The Prospect Of An Oversupplied

Crude oil trading range for the day is 3959-4175.

Crude oil dropped as concern over the prospect of an oversupplied market next year continued to weigh on prices.

OPEC led by Saudi Arabia, is considering a cut of up to 1.4 mbpd next year to avoid the kind of build in global inventories that prompted the oil price to crash.

The EIA data showed that crude oil inventories increased by 10.27 million barrels in the week to November 9.

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Natural Gas Rose To Their Highest Since February 2014 On Forecasts

Natural gas trading range for the day is 271.2-389.8.

Natural gas rose to their highest since February 2014 on forecasts for colder weather than previously expected over the next two weeks.

Cold would boost heating demand and cause utilities to start withdrawing fuel from storage facilities that are already about 16 percent below normal for this time.

Output in the lower 48 states, meanwhile, averaged a record-high 87.0 bcfd over the past 30 days.

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Zinc Gained As The Market Refocused From The US Midterm Election Results

Zinc trading range for the day is 178.7-189.5.

Zinc gained as the market refocused from the US midterm election results to the declines in LME inventories.

Inventories in Shanghai, Guangdong and Tianjin came in at 135,900 mt as of Nov 5, down 14,800 mt from a week ago

China is ready to hold discussions and work with the United States to resolve trade disputes because the world's two largest economies stand to lose from confrontation.

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Jeera Dropped On Profit Booking After Prices Gained Amid Improved Physical

Jeera trading range for the day is 19675-20585.

Jeera dropped on profit booking after prices gained amid improved physical domestic and exports demands from China and Bangladesh.

During monsoon season, Jeera producing districts of Gujarat received scanty rains, which will affect its production in next season.

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Aluminium Trading Range For The Day Is 146.2-150.2

Aluminium trading range for the day is 146.2-150.2.

Aluminium dropped on profit booking despite of market talk that Jinjiang and Xinfa have cut their alumina capacity due to tight supplies of bauxite.

China's primary aluminium production fell for a second straight month in September and slid to its lowest level since May.

China's primary aluminium supply is expected to grow at 4.1% in 2019, while consumption is likely to grow at a slower pace of 3%.

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Zinc Trading Range For The Day Is 193.8-201.6

Zinc trading range for the day is 193.8-201.6.

Zinc prices remained supported on shrinking inventories and smelter cuts in China despite of trade and inflation worries.

Demand for refined zinc will exceed supply by 322,000 tonnes this year, but the gap will narrow to 72,000 tonnes in 2019, industry data showed.

Resumption from maintenance raised output of refined zinc across Chinese smelters to 446,700 mt in September, up 6.7% from August.

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Aluminium Dropped After Norsk Hydro Said It Would Resume Half Production

Aluminium trading range for the day is 148.3-152.5.

Aluminium dropped after Norsk Hydro said it would resume half production at its giant Brazilian alumina plant, just days after declaring it would shut down completely.

Chinese aluminium exports are expected to surge in coming months and next year after Beijing boosted tax rebates as part of a package to soften the impact of trade war.

Norway's Norsk Hydro is focused on a return to full output at its Alunorte alumina refinery in Brazil and is not contemplating layoffs there.

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Natural Gas Dropped On Profit Booking As Traders Are Eyeing Hurricane Michael

Natural gas trading range for the day is 233.8-254.4.

Natural gas dropped on profit booking as traders are eyeing Hurricane Michael, storm headed for the Florida Panhandle in the Gulf of Mexico.

For now, prices are easing as traders believe the storm will remain on its current trajectory and miss most of the natural gas production installations.

The EIA reported that net injections are higher than the five-year average.

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Silver Prices Rallied Tracking Firmness In Crude Oil

Silver trading range for the day is 37111-39367.

Silver prices rallied tracking firmness in crude oil and base metals prices despite the U.S. Federal Reserve reaffirmed its plans to continue to raise interest rates.

The outlook for the U.S. economy appears bright but there are three key risks, one of the most influential Federal Reserve policymakers said.

U.S. consumer spending increased steadily in August, supporting expectations of solid economic growth in the third quarter.

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Natural Gas Rose Amid Storage Worries As The Weather Across Much Of The Country Remained

Natural gas trading range for the day is 218.6-225.6.

Natural gas rose amid storage worries as the weather across much of the country remained warmer than normal

Colder than normal weather is forecast to cover most of the mid-west increasing heating demand ahead of the inventory withdrawal season.

The EIA reported that the average total supply of natural gas rose by 1% compared with the previous report week.

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Crude Oil Rallied After Saudi Arabia And Russia Ruled Out Any Immediate Increase

Crude oil trading range for the day is 5086-5400.

Crude oil rallied after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.

Amid a tightening market, U.S. commercial crude oil inventories are at their lowest level since early 2015.

OPEC as well as top producer Russia are discussing raising output to counter falling supply from Iran, although no decision has been made public yet.

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Natural Gas Dropped On Forecasts For Demand To Drop In A Couple Of Weeks

Natural gas trading range for the day is 196.8-204.2.

Natural gas dropped on forecasts for demand to drop in a couple of weeks due to seasonally cooler weather.

Production in the Lower 48 U.S. states, meanwhile, averaged a record high 83.4 bcfd over the past 30 days.

U.S. dry natural gas production should rise to an all-time high of 80.96 billion cubic feet per day in 2018 from 73.55 bcfd in 2017, according to EIA report.

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Natural Gas Edged Higher Despite Forecasts For Steady Weather And Demand Over

Natural Gas trading range for the day is 201.6-208. 

Natural gas edged higher despite forecasts for steady weather and demand over the next two weeks.

While Hurricane Florence is getting all the headwinds, there is a cyclone forming in the gulf that could put infrastructure at risk. 

Demand for gasoline will increase as consumers quickly scramble to get gasoline to escape the storms path.

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Crude Oil Settled Flat As Signs Of Tightening U.S. Output Were Offset By A Stronger Dollar

Crude oil trading range for the day is 4773-4953.

Crude oil settled flat as signs of tightening U.S. output were offset by a stronger dollar and fears rising U.S.-China trade tensions could hamper oil demand.

A mixed petroleum report showing crude stockpiles fell, but product inventories rose sharply also weighed on sentiment.

Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation fell by 2 to 860.

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Zinc Gains As A Subdued Greenback Aided Gains Offsetting Some Concerns Over

Zinc trading range for the day is 173.7-180.3.

Zinc gains as a subdued greenback aided gains offsetting some concerns over the threat of a ramp up in the U.S. China trade war

Resumption after maintenance raised output of refined zinc across Chinese smelters to 418,700 mt in August, up 2.52% from July, but down 6.11% from a year ago.

Total output in the first eight months of the year gained 0.66% on the year and stood at 3.52 million mt.

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Natural Ended With Losses As Latest Weather Forecasts Were For Less Warm Weather

Natural Gas trading range for the day is 198.3-203.1.

Natural ended with losses as latest weather forecasts were for less warm weather and lower cooling demand next week.

Natural gas prices remain depressed due to too much production, even though inventory levels are below both last year’s total and the five-year average.

The U.S. Energy Information Administration reported Thursday that U.S. natural gas stockpiles increased by 63 billion cubic feet for the week ending August 31.

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Crude Oil Dropped As A Tropical Storm Hitting The U.S. Gulf Coast Weakened

Crude oil trading range for the day is 4884-5014.

Crude oil dropped as a tropical storm hitting the U.S. Gulf coast weakened, offsetting support from forecasts of lower U.S. inventories and sanctions against Iran.

OPEC Secretary-General Mohammad Barkindo said that world oil consumption would hit 100 million barrels per day later this year, “much sooner” than earlier projected.

U.S. crude stockpiles fell last week as refineries boosted output amid strong consumption, data from industry group the American Petroleum Institute showed.

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Natural Gas Fell On Expectations Demand Will Decline After Tropical Storm Gord

Natural gas trading range for the day is 199.6-207.6.

Natural gas fell on expectations demand will decline after Tropical Storm Gordon hits the Gulf Coast, causing power outages and cooler weather.

Several oil and gas rigs have pulled their employees off their platforms which will likely reduce production.

The weather is expected to be warmer than normal throughout the United States for the next 8-14 days which should increase cooling demand.

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