US crude inventories fall over 7 million barrels
The US Energy Information Administration revealed today that the country's crude inventories fell 7.3 million barrels to 461.8 million barrels last week, more than analysts' forecasts of a drop by 3.4 million barrels.
The gasoline inventories rose 0.7 million barrels to 257.1 million barrels, and distillate stocks fell 3.4 million to 157.7 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 5.8 million barrels during the same period.
Palladium slips despite falling dollar and demand hopes
Palladium prices fell on Thursday, despite the US dollar's drop against most of its peers, and optimism about the global economic recovery.
The global recovery will lift demand for industrial metals, as industrial activity will return to pre-pandemic levels.
While this comes in tandem with the world's shift from fossil fuels to other environmentally-friendly methods such as electric cars.
Bearing in mind palladium is heavily used in the manufacturing of car parts that reduce carbon emissions and air pollutants, which would lead to increased demand for palladium.
The dollar index fell against a basket of major currencies by 0.3% to 90.6 points as of 14:30 GMT, after hitting a high of 90.9 points and a low of 90.5 points.
Palladium December futures fell 0.7% to $2,352 an ounce as of 14:32 GMT, with a high of $2,395 and a low of $2,351.
US stocks drop in early trading after disappointing data
US stock indices opened lower on Thursday, after the release of disappointing economic data.
The initial unemployment claims in the US fell to 861,000 last week, worse than forecasts of 775,000.
The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.
As of 14:58 GMT, Dow Jones fell 0.9% or 275 points to 31,338, Nasdaq fell 1.4% or 193 points to 13,772, and S&P 500 fell 0.9% or 37 points to 3,893.
US unemployment claims worse than expected
At 13:30 GMT, the US Department of Labor released the unemployment claims reading for the week ending February 13, at 0.861 million, worse than forecasts of 0.775 million, and worse than the previous reading of 0.848 million after it was revised from 0.793 million.