NEWS • NYMEX crude prices rose in Asian trading hours on Friday after data revealed the U.S. economy grew at a healthy clip in the fourth quarter of last year. • Oil prices gained after the Commerce Department said gross domestic product expanded 3.2% in the three months to December, in line with most forecasts, even outpacing some, following a 4.1% rise in the third quarter. • Oil traders shrugged off data confirming a contraction in China’s manufacturing sector. China’s final HSBC Purchasing Managers Index released earlier fell to a six-month low of 49.5 in January from a preliminary reading of 49.6 and down from 50.5 in December. • The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended January 24 fell by 230 billion cubic feet, compared to expectations for a decline of 236 billion cubic feet. • Nymex gas futures are on track to post a gain of approximately 18% in January as frigid winter temperatures in the U.S. led households to burn a higher than normal amount of the fuel in furnaces to heat their homes. • The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department. • Gold prices dropped on Thursday after robust U.S. gross domestic product data cemented market expectations for the Federal Reserve to continue dismantling stimulus programs, which fueled demand for the dollar. • Copper futures fell to a seven-week low on Thursday, after data confirmed a contraction in China’s manufacturing sector and following the Federal Reserve’s decision to taper its monthly bond-buying program by USD10 billion for the second consecutive meeting.
Posted on: Fri, 31 Jan 2014 04:18:58 +0000
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