Natural gas futures gave up ground in American trade as the dollar index backed off June 2017 highs, following earlier data from the US, the world's largest energy consumer, including the EIA's inventory report. 

As of 08:55 GMT, natural gas futures due in January shed 0.78% to $3.703 per million British thermal units, while the dollar index fell 0.67% to 96.33 to November 20 lows. 

US Inventories 

The Energy Information Administration reported a deficit of 141 billion cubic feet in the week ending December 14 in US natural gas storage, compared to a 77 billion deficit in the previous week, while missing estimates of a 141 billion decline. 

Total stocks are now down to 2.773 trillion cubic feet from 2.914 trillion, which is below the total of the same period in 2017 at 3.470 trillion, while also below five-year averages at 3.493 trillion. 

Earlier US data showed unemployment claims for the week ending December 15 up 12 thousand to 214  thousand, while continuing claims for the week ending December 8 rose 27 thousand to 1.688 million. 

The Philly Manufacturing Index rose to 9.4 from 12.9 in November, while the CB leading index rose 0.2%, compared to a 0.3% drop in October.

The Federal Open Market Committee voted to hike interest rates at the December 18-19 meeting by 25 basis points for the fourth time this year to below 2.50% as expected by analysts, while carrying on the process of reselling government bonds and mortgage securities by a $50 billion a month pace. 

Ripple rose over five percent, or $0.2 on Thursday off September 18 lows for the fifth session out of six on short-covering after a recent crypto selloff wave. 

As of 08:32 GMT, Ripple spiked 5.39% to $0.37716, with an intraday high at $0.40181, and a low at $0.35300, with Ripple's market value amounting to $15 billion. 

Ripple is rebounding on short-covering, after suring 15% earlier this week, the best performance since September 21, and thus erasing the losses of the month after marking the fourth weekly loss in a row last week, and the second monthly loss last month. 

The Group of 20 has pledged at the latest summit to regulate crypto trading in order to combat money laundering and terrorism funding. 

Last month, International Monetary Fund head Christine Lagarde suggested on global central banks and their respective governments the possibility of issuing their own digital currencies to make them more stable and controlled and accessible for all sectors instead of the current mayhem in that market. 

Lagarde believes that payments through digital currencies would be instant, safe, and cheap, and while they would be anonymous, central banks will keep a database of all payments, cutting out fraud and money laundering operations. 

The Path of Ripple

It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing up to 90% of value on a violent selloff wave that stormed crypto assets this year. 

Ripple then reversed nearly 80% higher in only a few days in September on positive news for the cryptocurrency and its standing between major financial institutions, before joining a mass decline in the crypto market in recent weeks. 

Silver futures rose over one percent in American trade to November 2 highs as the dollar index backed off June 2017 highs for the third session out of five, following earlier US data today. 

As of 08:23 GMT, silver futures due in March rose 1.29% to $14.87 an ounce to seven-week high, as the dollar index fell 0.73% to 96.2, marking November 20 lows. 

Earlier US data showed unemployment claims for the week ending December 15 up 12 thousand to 214  thousand, while continuing claims for the week ending December 8 rose 27 thousand to 1.688 million. 

The Philly Manufacturing Index rose to 9.4 from 12.9 in November, while the CB leading index rose 0.2%, compared to a 0.3% drop in October.

The Federal Open Market Committee voted to hike interest rates at the December 18-19 meeting by 25 basis points for the fourth time this year to below 2.50% as expected by analysts, while carrying on the process of reselling government bonds and mortgage securities by a $50 billion a month pace. 

At the post-meeting press conference, Fed Chair Jerome Powell warned that risks are increasing as the global economy slows down and the stock markets get rattled, however the outlook of the FOMC hasn't changed yet, expecting continued growth and solid 2% inflation in the foreseeable future. 

Oil futures fell in American trade with US crude plumbing August 2017 lows, while Brent touched September 2017 lows, as the dollar index backed off June 2017 highs, following earlier data from the US, the world's largest oil consumer and producer. 

As of 07:48 GMT, US crude futures due in January slid 3.02% to $45.96 a barrel, while Brent February futures tumbled 3.50% to $54.57 a barrel, as the dollar index shed 0.73% to 96.28 to November 20 lows. 

Earlier US data showed unemployment claims for the week ending December 15 up 12 thousand to 214  thousand, while continuing claims for the week ending December 8 rose 27 thousand to 1.688 million. 

The Philly Manufacturing Index rose to 9.4 from 12.9 in November, while the CB leading index rose 0.2%, compared to a 0.3% drop in October.

The Federal Open Market Committee voted to hike interest rates at the December 18-19 meeting by 25 basis points for the fourth time this year to below 2.50% as expected by analysts, while carrying on the process of reselling government bonds and mortgage securities by a $50 billion a month pace. 

US Inventory Drawdown 

The Energy Information Administration reported a drawdown of 0.5 million barrels in US crude stocks in the week ending December 14, while analysts expected a 2.7 million drop, with total inventories now down to 441.5 million barrels, still 7% above five-year averages. 

Gasoline stocks rose 1.8 million barrels, making them 3% above averages, while distillate stocks, including heating fuel, fell 4.2 million barrels, marking them 11% below averages. 

Otherwise, Saudi oil minister Khalid Al Falih noted how current oil prices aren't linked to fundamental changes in the market but rather to politics and economic prospects, in addition to speculation.

Al Falih believes oil inventories will starting falling by the end of the first quarter in 2019, adding OPEC is committed to cut output by 3%, while independent producers will cut 2%. 

UAE energy minister and OPEC President Suhail Al Mazroui said in recent remarks he expects all members and other producers who signed the deal to commit to cutting output in 2019, adding the oil market started an upward correction this month after announcing the deal to ease supplies by 1.2 million bpd next year. 

Otherwise, OPEC cut forecasts for demand on its oil in its monthly report by 100 thousand bpd to 31.44 million bpd for next year, as competitors pump larger amounts while economic growth slows down. 

On a similar note, Saudi Arabia said it plans to cut output to 10.2 million bpd in January, a 900 thousand bpd cut from November, while Russia plans a cut between 50 and 60 thousand bpd next month. 

OPEC announced an agreement to cut total output by 1.2 million bpd in coordination with allies such as Russia, with the cuts to start in January and with Iran, Libya, and Venezuela, gaining exceptions from the required cuts.

US Oil Rig Count 

Baker Hughes reported a drop in the US oil rig count by 4 rigs to a total of 873, the second weekly drop in a row, after reports that US output fell by 100 thousand bpd from recent record highs to 11.6 million bpd.