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. 

Euro rose in American trade off June 2017 lows against the greenback, following a slew of data from the US and important official remarks from the euro zone. 

As of 04:37 GMT, EUR/USD rose 0.26% to 1.1399, with a session-high at 1.1426, and a low at 1.1365. 

German Chancellor Angela Merkel said in earlier remarks she still doesn't know how to respond with Spain's opposition to the Gibraltar issue in the Brexit draft agreement, adding that a solution could be reached next Sunday.  

Otherwise, Italian prime minister Giuseppe Conte expressed confidence in his government's current budget despite rejections from the European Commission, adding the issue will be discussed with the Commission President Jean Claude Juncker next Saturday. 

The Italian statistics office cut forecasts for Italian growth in 2019 to 1.1% from 1.4% in previous forecasts, while maintaining the government's budget sill serve to boost local demand. 

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. 

Saudi Enaya Cooperative Insurance Co. invited its shareholders to attend the Extraordinary General Meeting (EGM) scheduled for Wednesday, December 12, to look into the company's capital increase by SAR 200 million.

The capital increase is aimed to improve the level of solvency margin and to support the company’s financial position, Enaya said in a statement to the market on Wednesday.

The capital increase will be effected through a rights issue of 200 million shares.

The Capital Market Authority (CMA) and Saudi Stock Exchange (Tadawul) approved on November 1 the request received from the company to increase its capital through a rights issue.

The Saudi Arabian Monetary Authority (SAMA) also approved in July the increase in the company's capital by SAR 200 million, provided that the company meets all the requirements of other official bodies.

Enaya management recommended in December 2017 increasing the company's rights issue.

Meanwhile, the company earlier posted a net profit of SAR 3.708 million during the third quarter of this year, compared with a net profit of SAR 0.728 million in the corresponding quarter of 2017.

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.