Crude oil prices edged lower on Wednesday, amid speculation weekly supply data due later in the session
Crude Oil Prices Slip on Bets for Bearish U.S. Supply Data – Crude oil prices edged lower on Wednesday, amid speculation weekly supply data due later in the session will show a larger-than-expected gain in U.S. crude stockpiles as Hurricanes Harvey and Irma weighed on demand. After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories increased by roughly 6.2 million barrels in the week ended September 8. It was the second straight build after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage. Prices received additional support amid reports that OPEC and its allies are discussing extending by more than three months the oil production cuts that expire in March 2018, potentially prolonging them well into the second half of next year, according to people familiar with the matter. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices.
Gold Prices Edge Higher After Sharp Falls – Gold prices edged higher for the first time in three sessions on Wednesday, but gains were limited as investors continued to buy risk assets and sell havens. Gold prices fell for a second-straight session on Tuesday, as investor interest in assets, such as stocks, that are perceived as riskier, found buying interest on fading worries surrounding North Korea and Hurricane Irma. Prices of the yellow metal rallied to a more than one-year high of $1,362.40 last Friday, when Hurricane Irma threatened Florida and as financial markets braced for the possibility of another missile or nuclear test by North Korea for the Sept. 9 anniversary of its founding. Investors were now turning their attention to upcoming U.S. economic data for fresh clues on the timing of the Federal Reserve’s balance sheet reduction and its ability to raise interest rates again this year. Markets remain skeptical the Fed will raise rates again before the end of this year due to worries over the subdued inflation outlook, but it is widely expected to start the process of reducing its balance sheet sometime this fall.
SHFE to Push R&D of Metal Products and Copper Options – SHFE vice-general manager said at the 2017 Asia Tin Week on September 13 the SHFE will push business innovation in the near future. The bourse will accelerate R&D of stainless steel, alumina, steel scrap and commodity index and copper options.
Slight Pick-up in Demand as Power Returns to Florida – Natural gas futures recovered for a second day on Tuesday as investors continued to take profits and adjust positions in reaction to the impact of Hurricane Irma. Last week, traders shorted natural gas in anticipation of prolonged power outages in Florida which would have led to a drop in demand. I rode out the hurricane in Fort Myers, Florida and I can assure you, the power is back on. Otherwise, you would not be reading this report. There have been periodic outages like the one I experienced today, but for the most part, things are slowly returning to normal.
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