Market Update

Oil prices finished marginally lower on Thursday, despite the huge drop in U.S. crude inventories, as a surprise buildup in gasoline and distillates stockpiles led to some concerns about the pace of demand recovery. However, oil futures remain mostly elevated supported by the market stability assured by the recent decision …

Gold prices fell on Thursday to close below the $1,900 level, losing an important support level and finishing at the lowest level in about three weeks. The rise of the U.S. Dollar (USD) against major peers and the elevated risk sentiment among investors, both on the back of the positive …

The U.S. Dollar (USD) rose on Thursday to its highest level in about three weeks, as positive economic data showed a drop in jobless claims, the biggest surge in private payrolls in about a year, and an improvement in the services and manufacturing sectors. Moreover, markets are anticipating tomorrow’s release …

European stocks showed a mixed performance on Thursday, as positive economic data boosted investors’ sentiment amid anticipation for the May jobs report in the U.S. The STOXX Europe 600 index lost 0.12% to close at 450.79 points, after finishing at a new record high on Wednesday. Meanwhile, the basic resources …

Natural gas inventories in the United States increased by 98 billion cubic feet (bcf) last week, according to estimates by the U.S. Energy Information Administration (EIA). The EIA weekly report showed on Thursday that natural gas supplies reached 2.313 trillion cubic feet, decreasing by 386 bcf compared with the same …

Crude oil inventories in the United States dropped more than expected last week, according to the latest official data released on Thursday. Inventories plunged by 5.08 million barrels, more than double the decrease of 2.4 million barrels that was expected by market analysts, the Energy Information Administration (EIA) report for …

The U.S. services sector’s economic activity expanded in May, maintaining growth for the 12th month in a row, data showed on Thursday. The Institute for Supply Management(ISM) Services Purchasing Managers Index (PMI) reached a new all-time record high in May, registering 64%, after rising by 1.3% compared with its level …

The Federal Reserve said on Wednesday it will begin reducing its holdings of corporate bonds it bought last year through an emergency lending program it launched to calm credit markets at the peak of the COVID-19 pandemic. The US Central Bank indicated that the sale of its holdings of corporate …

There were 385,000 initial claims for unemployment benefits in the US during the week ending May 29, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading came in better than the market expectation of 395,000 and followed the previous print of 405,000 (revised from …

Planned job cuts in the US-based employers rose to 24,586 in May from 22,913 in April, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday.