Natural gas futures tilted higher off May 7 lows for the 11th session out of 16, after US data showed a slightly lower-than-expected inventory buildup, and following upbeat data from China, the world's largest energy importer. 

As of 07:50 GMT, natural gas futures due on September 15 rose 0.20% to $2.955 per million British thermal units, marking June 28 highs, while the dollar index powered up 0.47% to 95.54 against a basket of major rivals, marking July 17 highs. 

US Inventory Buildup 

The Energy Information Administration released its report on US natural gas inventories, showing another buildup of 46 billion cubic feet in the week ending August 3, adding to the 35B increase in the previous week, while analysts expected a 49B addition. 

Total stocks are now up to 2.354 trillion cubic feet from 2.308 trillion in the weekending July 27, which is below the total of the same period in 2017 at 3.025 trillion, while also below the five-year average at 2.926 trillion. 

Earlier data from China, the world's largest energy importer, showed consumer prices rose 2.1% y/y in July, a four-month high, up from 1.9% in June, and beating estimates of 2.0%, while producer prices rose 4.6%, slowing down from 4.7% and beating estimates of 4.4%. 

US Labor, Inflation Data 

Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%. 

Core prices, excluding food and energy, rose 0.1%, while those excluding trade services as well rose 0.3%, indicating solid momentum in the economy. 

US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.

Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million. 

The final reading for business inventories rose 0.1% in June, compared to no-change in in the preliminary reading, and improving from a 0.6% surge in May.

Accumulated inventories indicate poor demand and are considered a negative sign for the economy. 

Ripple rallied three percent, or $0.01 on Thursday on short-covering after sustaining heavy losses recently, while plumbing December 12, 2017 lows yesterday on US regulatory curbs concerns. 

As of 06:18 GMT, Ripple rose 2.84% to $0.3417, with a session-high at $0.35712, and a low at $0.3278, with Ripple's market value now amounting to $34.2 billion. 

SEC Delays Crypto ETF Decision 

The U.S. Securities and Exchange Commission (SEC) has delayed its final decision on requests to set up bitcoin exchange-traded funds to late September, in another development that upset crypto enthusiasts in the States. 

The SEC stated: "The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change."

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 85% of value rapidly in the last few months, and finally closing the first half of the year below $0.5.

Silver futures titled higher in American trade to August 3 highs, following strong inflation data from China, the world's largest metals consumer, while the dollar index advanced after upbeat inflation and labor data from the US. 

As of 04:52 GMT, silver futures due in September rose 0.25% to $15.47 an ounce, while the dollar index added 0.31% to 95.39 against a basket of major rivals. 

Earlier data from China showed consumer prices rose 2.1% y/y in July, a four-month high, up from 1.9% in June, and beating estimates of 2.0%, while producer prices rose 4.6%, slowing down from 4.7% and beating estimates of 4.4%. 

US Labor, Inflation Data 

Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%. 

Core prices, excluding food and energy, rose 0.1%, while those excluding trade services as well rose 0.3%, indicating solid momentum in the economy. 

US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.

Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million. 

The final reading for business inventories rose 0.1% in June, compared to no-change in in the preliminary reading, and improving from a 0.6% surge in May.

Accumulated inventories indicate poor demand and are considered a negative sign for the economy. 

Oil futures tilted higher in American trade following earlier upbeat data from China, the world's largest energy importer, and after heavy losses sustained on US-China trade concerns, while the dollar index edged up as well on good inflation and labor data from the US.

As of 03:20 GMT, US crude futures due on September 15 rose 0.06% to $66.98 a barrel, while Brent futures due on October 15 added 0.26% to $72.47 a barrel, as the dollar index climbed 0.23% to 95.31 from the opening of 95.09. 

Earlier data from China showed consumer prices rose 2.1% y/y in July, a four-month high, up from 1.9% in June, and beating estimates of 2.0%, while producer prices rose 4.6%, slowing down from 4.7% and beating estimates of 4.4%. 

Chinese customs data showed crude imports recovered modestly in July after a drop in the last two months, but still hovered around year lows as refinery demand weakens, with imports amounting to 36.02 million tonnes last month, or 8.48 million bpd, compared to 8.18 million in the same month of 2017, and up slightly from June's 8.36 million. 

US Inventory Drawdown 

The Energy Information Administration released its report on US crude stocks on Wednesday, showing a drawdown of 1.4 million barrels in the week ending August 3, compared to a 3.8M buildup in the previous reading, while analysts expected a 2.8 million decline, with total stocks now down to 407.4 million barrels, 1% below five-year averages for this time of year. 

Gasoline stocks rose 2.9 million barrels, making them 4% above five-year averages, while distillate stocks, including heating fuel, rose 1.2 million barrels, still 10% below averages. 

The EIA also cut forecasts for global oil demand growth by 60 thousand bpd in 2018, and by 140 thousand bpd in 2019 to 1.66 million and 1.57 million bpd respectively, while expecting US output to rise by 1.31 million bpd this year, down from 1.44 million in previous forecasts.  

Iran sanctions 

China's foreign ministry criticized US threats against those who trade with Iran by stating to Reuters: “China has consistently opposed unilateral sanctions and long-armed jurisdiction,”

It added: “China’s commercial cooperation with Iran is open and transparent, reasonable, fair and lawful, not violating any United Nations Security Council resolutions,” 

The US has reimposed blanket sanctions on Iran this week, targeting its access to dollars, gold, and precious metals. 

China is Iran's largest oil importer, with orders amounting to 650 thousand bpd, or 7% of the country's total crude imports. 

US-China Trade tensions 

China slapped $16 billion worth of US imports with 25% additional tariffs in response to similar ones by the US, to go into effect in late August, weighing on risk appetite in the market and hurting oil prices in the process. 

Saudi Arabia Won't Stop Oil Supplies to Canada 

Saudi oil minister Khalid Al Faleh asserted the kingdom wouldn't expose oil supplies to any country to risks due to political considerations, pointing in particular to the diplomatic strife raging currency between Saudi Arabia and Canada after the later criticized the kingdom's arrest of human rights activists. 

Iran Claims Improper Redistribution in OPEC's Output 

Iranian oil minister Bijan Zanganeh has claimed that the six-country committee overseeing the recent output agreement between OPEC and other producers improperly redistributed output in a way that harms Iran, calling on UAE energy minister and OPEC President Suhail al-Mazrouei to investigate the matter. 

US Oil Rig Count 

Banker Hughes, a US oil services company, reported a drop of 2 in the US oil rig count last week to a total of 859 rigs, the second decline in the last three weeks. 

US Labor, Inflation Data 

Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%. 

Core prices, excluding food and energy, rose 0.1%, while those excluding trade services as well rose 0.3%, indicating solid momentum in the economy. 

US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.

Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million. 

The final reading for business inventories rose 0.1% in June, compared to no-change in in the preliminary reading, and improving from a 0.6% surge in May.

Accumulated inventories indicate poor demand and are considered a negative sign for the economy.