Natural gas futures fell in American trade off January 2014 highs for the fourth session out of six, while the dollar index backed off January 2017 highs for another session, following earlier US data that showed a larger-than-expected inventory drawdown last week. 

As of 08:53 GMT, natural gas futures due in December swooned 1.99% to $4.43 per million British thermal units away from early 2014 highs, while the dollar index slipped 0.14% to 96.70 against a basket of major rivals.

US Inventory Drawdown 

The Energy Information Administration reported a deficit of 134 billion cubic feet in US natural gas inventories in the week ending November 16, compared to a build of 39 billion in the previous reading, while analysts expected a drawdown of 105 billion. 

Total stocks are now down to 3.113 trillion cubic feet from 3.247 trillion in the week ending November 9, making them below the total of the same period in 2017 at 3.733 trillion, while also below five-year averages at 3.823 trillion. 

US Labor, Housing, Goods Data 

Earlier US data showed durable goods orders fell 4.4% in October, missing estimates of a 2.2% drop, and compared to September's 0.7% increase. 

Core orders, excluding transportation, rose 0.1%, below estimates of 0.4%.. This report is negative for the greenback. 

US unemployment claims rose to 224 thousand in the week ending November 17 from 221 thousand in the previous reading, revised from 216K, missing estimates of 215K. 

Continuing claims rose 3 thousand in the week ending November 10 fell to 1.668 million, still far above estimates of 1.1653 million. 

US existing home sales rose 1.4% in October to an annualized 5.22 million units, compared to a 3.4% drop in September to 5.15 million, while analysts expected a 1% increase to 5.20 million. 

The US CB leading index, which combines several other economic indicators, rose 0.1% in October, compared to a 0.6% increase in September, and missing estimates of a 0.2% increase.  

The University of Michigan's consumer sentiment survey fell to 97.5 in the final reading from 98.3 in the preliminary one, missing estimates of 98.4, and compared to 98.6 in October. 

Ripple tilted higher on Wednesday on limited short-covering efforts from October 15 lows, after slumping 8% on Tuesday, marking the worst performance since October 11. 

As of 08:30 GMT, Ripple rose 0.44% to $0.44527, with a session-high at $41803, and a low at $0.41803, with Ripple's market value amounting to $17.70 billion. 

Ripple is settling higher as traders pull back a bit following a violent selloff storm that led to an exodus of cash and investments from the crypto market, with analysts blaming a hrad fork (split) for Bitcoin Cash that instigated all uncertainty. 

Last week, 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 days and weeks. 

Silver futures rose in American trade off January 2016 lows, while the dollar index fell off January 2017 highs, following a spate of data from the US today. 

As of 08:09 GMT, silver futures due in December rose 1.51% to $14.48 an ounce, while the dollar index fell 0.15% against a basket of major rivals off early 2017 highs. 

US Labor, Housing, Goods Data 

Earlier US data showed durable goods orders fell 4.4% in October, missing estimates of a 2.2% drop, and compared to September's 0.7% increase. 

Core orders, excluding transportation, rose 0.1%, below estimates of 0.4%.. This report is negative for the greenback. 

US unemployment claims rose to 224 thousand in the week ending November 17 from 221 thousand in the previous reading, revised from 216K, missing estimates of 215K. 

Continuing claims rose 3 thousand in the week ending November 10 fell to 1.668 million, still far above estimates of 1.1653 million. 

US existing home sales rose 1.4% in October to an annualized 5.22 million units, compared to a 3.4% drop in September to 5.15 million, while analysts expected a 1% increase to 5.20 million. 

The US CB leading index, which combines several other economic indicators, rose 0.1% in October, compared to a 0.6% increase in September, and missing estimates of a 0.2% increase.  

The University of Michigan's consumer sentiment survey fell to 97.5 in the final reading from 98.3 in the preliminary one, missing estimates of 98.4, and compared to 98.6 in October. 

Oil futures rose in American trade with US crude climbing off October 2017 lows, while Brent rose from December 7 lows, as the dollar index backed off January 2017 highs for another session. 

The gains come after a spate of US data, the world's largest oil producer and consumer, while President Donald Trump expressed his content with the lower oil prices in a recent tweet. 

As of 07:36 GMT, US crude futures due in January rose 2.92% to $54.99 a barrel, while Brent January futures rallied 2.13% to $63.86 a barrel, as the dollar index shed 0.16% to 96.68 away from early 2017 highs. 

US Inventory Build 

The Energy Information Administration reported a build of 4.9 million barrels in US crude stocks in the week ending November 16, compared to a 10.3 million increase in the previous reading, while analysts estimated a 2.5 million increase, with total stocks now up to 446.9 million barrels, making them 6% above five-year averages. 

Gasoline stocks fell 1.3 million barrels, still 6% above averages, while distillate stocks, including heating fuel, fell 0.1 million, making them 7% below averages. 

US Labor, Housing, Goods Data 

Earlier US data showed durable goods orders fell 4.4% in October, missing estimates of a 2.2% drop, and compared to September's 0.7% increase. 

Core orders, excluding transportation, rose 0.1%, below estimates of 0.4%.. This report is negative for the greenback. 

US unemployment claims rose to 224 thousand in the week ending November 17 from 221 thousand in the previous reading, revised from 216K, missing estimates of 215K. 

Continuing claims rose 3 thousand in the week ending November 10 fell to 1.668 million, still far above estimates of 1.1653 million. 

US existing home sales rose 1.4% in October to an annualized 5.22 million units, compared to a 3.4% drop in September to 5.15 million, while analysts expected a 1% increase to 5.20 million. 

The US CB leading index, which combines several other economic indicators, rose 0.1% in October, compared to a 0.6% increase in September, and missing estimates of a 0.2% increase.  

The University of Michigan's consumer sentiment survey fell to 97.5 in the final reading from 98.3 in the preliminary one, missing estimates of 98.4, and compared to 98.6 in October. 

Recent reports showed South Korea intends to resume imports of Iranian oil next year after getting exempted from US sanctions on Iranian oil alongside seven other countries, including India, Japan, Turkey, Italy, Greece, and Taiwan. 

Russian energy minister Alexander Novak said no decision has been taken yet on whether to continue the current deal of cutting output by 1.8 million bpd until late 2018 in cooperation with OPEC. 

Novak said Russia plans to sign a partnership agreement with OPEC, with the issue scheduled for discussion at the December 6 meeting in Vienna. 

Otherwise, International Energy Agency Fatih Birol warned that a decision by major producers to cut output could have a negative impact on markets, while noting that US exemptions from Iran sanctions were broader than expected, leading to a drop in prices. 

US President Donald Trump recently called on Saudi Arabia and OPEC to not cut output, believing that prices should be lower based on demand and supply foundation, which came weeks after the US reinstated sanctions on Iranian oil exports, with the Trump's administration counting back then on Saudi Arabia to fill Iran's void in the market.

Iran Sanctions 

Otherwise, as US sanctions went into effect on Iranian oil exports starting November 4, eight countries were granted waivers for 180 days, mainly China, India, South Korea, Japan, Italy, Greece, Taiwan, and Turkey, already the largest importers of Iranian oil. 

In Russia, output rose to a new record of 11.41 million bpd in October, after averaging 11.36 million bpd in September. 

US Oil Rig Count 

Baker Hughes, a US oil services company, reported an increase of 2 in the rig count last week, the second such increase in a row.  

The total count has now reached 888 rigs, the highest since March 2015.