Market Update

Gold prices declined on Thursday, following four consecutive daily rises, as the United States Treasury yields rose following the decline in jobless claims in the U.S. The decline of the yellow metal comes as the U.S. Dollar (USD) has been fluctuating in a tight range today. Gold futures for April delivery dropped …

The Organization of the Petroleum Exporting Countries (OPEC) is expecting the global demand for crude oil to rise by 5.8 million barrels per day (b/d) in 2021, decreasing its previous expectations by about 100,000 b/d. Extended lockdowns and the re-introduction of partial lockdowns in a number of countries has resulted …

Natural gas inventories in the United States decreased by 171 billion cubic feet (Bcf) during the week ended February 5, according to data by the U.S. Energy Information Administration (EIA) on Thursday. The total amount of natural gas stockpiles currently stands at 2.518 trillion cubic feet (Tcf), declining by 9 …

The U.S. Dollar (USD) remained mostly flat on Thursday, following the release of official data that showed a decline in the number of initial claims for unemployment benefits in the United States. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is …

There were 793,000 initial claims for unemployment benefits in the US during the week ending February 6, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed the previous print of 812,000 and came in worse than the market expectation of 757,000.

OPEC said that global oil demand will rebound in 2021 at a slower pace than previously thought, in the latest step in a series of cuts to expectations amid the fallout from the coronavirus pandemic. The Organization of Petroleum Exporting Countries added in a monthly report that demand will rise …

Platinum prices rose to their highest levels in more than six years, continuing a strong rally thanks to market hopes that an economic recovery would support demand from the auto sector. Platinum rose 1.3% to $ 1257.51 an ounce, after earlier jumping as much as 2.2% to its highest level …

The International Energy Agency said today, Thursday, that global oil supplies are still exceeding demand due to the continuing general isolation measures aimed at combating the Coronavirus and the spread of its strains, but vaccines should help to recover demand and quickly allow producers to pump more. The Paris-based Energy …

The dollar fell during a quiet Asian session, after weaker than expected inflation data in the United States for January and the Federal Reserve’s repetition of its monetary easing stance, but the US currency compensated for some of its losses with the opening of European markets. Data on Wednesday showed …

Sources told Reuters that despite plans to increase its oil production, data show that Russia’s production of oil and gas condensate actually fell from February 1 to February 10 to 10.11 million barrels per day from an average of 10.16 million barrels per day in January. As of February, Russia …