Commodities See a Mixed Response Following Balanced U.S. Data

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Commodities See a Mixed Response Following Balanced U.S. Data
Commodities See a Mixed Response Following Balanced U.S. Data

The Asian session on Wednesday saw crude oil futures drop down after the American Petroleum Institute showed inventory data indicating that the U.S. oil inventories plummeted by 4.3 million barrels for a week until June 14, even when the financial analysts expected the data to go down by 1 million barrels.

The oil futures for August delivery on the New York Mercantile Exchange saw a decline of 0.01% to trade at USD98.67 per barrel, after the Tuesday trading session of U.S. Crude was wrapped at 0.37% at USD98.67 per barrel.

Gasoline inventories witnessed a hike of 900,000 barrels, while distillate stockpiles slumped by 600,000 barrels. Financial analysts had estimated that the gasoline inventories will rise by 1.2 million barrels and distillate supplies will move up by 300,000 barrels. The U.S. Energy Department is likely to release the U.S. Energy Department later today.

The Labor Department released the data indicating that the U.S. consumer price index saw a hike of 0.1% previous month, while the economic experts had estimated it to go up by 0.2%. Brent also witnessed a surge of 0.07% to USD106.08 per barrel on the ICE Futures Exchange for August delivery.

Coming to the yellow metal, Gold futures on the New York Mercantile Exchange’s Comex division rallied by 0.12% to trade at USD 1,368.55 per troy ounce in Asian session Wednesday. Analysts had expected to see resistance at USD 1,391.35 and gain support at USD 1,353.25 a troy ounce, the high of Monday and low from May 22 respectively.

However, Gold failed to shine much brighter over growing concerns about the stimulus measures of the Federal Reserve. Gold is considered a popular hedge against rising inflation. The benevolent inflation rate, which remained at 1.7%, prompted the traders to keep a distance from the yellow metal.

Silver slumped by 0.22% on the Comex division to trade at USD21.630 per ounce. On the contrary, copper saw a surge of 0.16% as it traded at USD3.158 an ounce for July delivery.

The Natural gas futures for July delivery went up by 0.22% in the New York Mercantile Exchange. Continuing last two days increase, the natural gas traded at USD3.884 per million British thermal units, even as the weather forecasts indicated beyond normal temperatures in the country in the coming week.