|
Natural gas drops 1%, dollar ekes out gains
Natural gas futures fell over one percent in American trade as the dollar index hit July 3 highs, following earlier data from the US, the world's largest energy consumer, including the EIA report that showed another inventory buildup for the tenth week in a row.
As of 07:58 GMT, natural gas futures due on August 15 fell 1.10% to $2.80 per million British thermal units from the opening of $2.83, while the dollar index inched up 0.07% to 94.79 from the opening of 94.72, marking one-week highs.
US Inflation, Labor Data
Earlier US data showed consumer prices rose 0.1% in June, slowing down from 0.2%, while core prices rose 0.2% as expected with no change from May.
On a yearly basis, consumer prices rose 2.9% as expected, up from 2.8% in May, while core prices rose 2.3% as expected, accelerating from 2.2%.
Unemployment claims in the week ending July 7 fell 18 thousand to 214 thousand, beating expectations of 225K, while continuing claims for the week ending June 30 fell 3 thousand to 1.739 million from 1.730 million.
US Inventory Buildup
The Energy Information Administration released its report on US natural gas inventories, showing a buildup of 51 billion cubic feet in the week ending July 6, adding to a 78B buildup in the previous week, while below expectations of a 55 billion increase.
Total stocks rose to 2.203 trillion cubic feet from 2.152 trillion in the week ending June 29, which is below the total of the same period in 2017 at 2.928 trillion, while also below the five-year average at 2.722 trillion.
US-China Trade Dispute
US President Donald Trump said today that America is in a bad trade war with China, but added the US will succeed by the end and will negotiate for a "fair trade deal" with China if possible.
The US threatened a 10% tariff on $200 billion worth of Chinese imports, with China accusing the US of being a bully, but said no response is ready yet.
China imposed tariffs ranging from 33.3% to 78.2% on US optical fiber products this week to counter flooding the market with these imports, up from 4.7% to 18.7% in previous rates.
That comes after US imposed a 25% tariff on $34 billion worth of Chinese goods last Friday, with China responding with similar ones.
Thanks for your feedback.
Ripple slides 3% as losing wave takes hold anew
Ripple tumbled over three percent, or $0.02 on Thursday, resuming the recent selloff wave with a decline off June 22 highs for the seventh session out of ten, after reports of a security breach into South Korean exchange Bancor, while notable US economics renew their attacks on cryptocurrencies.
MoreFed Chair Jerome Powell: Economy is doing very well
Federal Reserve Chair Jerome Powell said in an interview with Marketplace radio station that US economy is doing well, pointing however to modestly higher wages last week, while productivity remains very low, with labor shortages persisting in many sectors.
MoreSilver recovers from seven-month nadir, dollar ekes out gains
Silver futures rose nearly one percent in American trade off December 13 lows, while the dollar index inched up to July 13 highs, following earlier data from the US, the world's largest economy.
More