Oil Prices Fall on Relentless Rise in US Crude Output | Today Commodity Market News 13 March 2018.
Commodity Market Tips
Gold prices slipped in the early session due to gains in
the dollar but rose after disappointing average hourly
earnings data. That lowered the Y-o-Y increase in
average hourly earnings to 2.6% from 2.8% in Jan.
Data showed the US economy added 313,000 jobs
last month boosted by largest rise in the construction
jobs since 2007. Government reported that wage
pressures remained muted even as U.S. employers
added far more jobs than expected in Feb with one
U.S. central banker advocated pause on rate hikes,
another waxed sarcastic about the Fed's view of
maximum employment and a third hinted he could
support even faster rate hikes.
previous metal
Gold prices slipped in the early session due to gains in
the dollar but rose after disappointing average hourly
earnings data. That lowered the Y-o-Y increase in
average hourly earnings to 2.6% from 2.8% in Jan.
Data showed the US economy added 313,000 jobs
last month boosted by largest rise in the construction
jobs since 2007. Government reported that wage
pressures remained muted even as U.S. employers
added far more jobs than expected in Feb with one
U.S. central banker advocated pause on rate hikes,
another waxed sarcastic about the Fed's view of
maximum employment and a third hinted he could
support even faster rate hikes.
Base Metals
Base metals cracked yesterday, which much import on
minor metals. Aluminium slipped to its lowest in
almost three months, three days before the end of
winter output curbs in top producer China, as
investors worried that supplies are too plentiful to
keep prices near six-year highs, bringing it down nearly
9% from a high in early January.
Energy
Crude prices retraced some gain from the previous
session due to relentless rise in U.S. crude output
which weighed on markets. EIA reported that U.S.
crude production from major shale formations is
expected to rise by 131,000 bpd in April from the
previous month to a record high 6.95 million bpd. U.S.
production is expected to rise above 11 million bpd by
late 2018, taking the top spot from Russia. Meanwhile,
U.S. natural gas production was projected to increase
to a record 66.1 bcfd in April.
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