Oil Edges Up On Falling us Crude Inventories | Today Commodity Market News 18 JAN 2018.



Bullion - Opens on negative Note Gold -29600-29610 Silver -39020-39050 

Energy - Opens on positive Note Crude Oil -4100-4105 Natural Gas -207.80-208.30 

Base Metals - Opens on positive Note Copper -452-453 Nickel -792-794 Lead -163.50-163.80 Zinc - 218-218.30 Aluminium -140.50-140.60



Precious metals are under pressure with gold pulling back from four month highs hit earlier this week as the dollar rebounded amid better economic data. Treasury yields continue to climb with 2 yr. yields holding above 2% as probability of 3 rate hikes by the Fed this year moved above 50%. US Congress has started talks to avert a government shutdown on Friday as the debt ceiling expires.

Base metals were under pressure ahead of the release of data due today where it is expected to show China's economic growth slowed in the fourth quarter. Chile's state copper commission, Cochilco, raised its estimated 2018 average price for metal, pointing to the potential for global supply disruptions in the coming year.

Crude oil is edging higher today after API reported a drawdown of 5.1 million barrels in US oil inventories. Prices however have been capped on forecasts of rising shale output. EIA forecasts that US shale oil production will grow by 111,000 barrels a day to 6.55 million bpd in Feb, a new record. Permian Basin in Texas and New Mexico will account for most of gains.

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