Fuels Down And Metals Up As Thursday’s Commodities Action Reverses Going Into The Weekend

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Fuels Down And Metals Up As Thursday's Commodities Action Reverses Going Into The Weekend
Fuels Down And Metals Up As Thursday's Commodities Action Reverses Going Into The Weekend

Fuels Down And Metals Up As Thursday's Commodities Action Reverses Going Into The Weekend

 

After a decline during yesterday’s trading, the price of crude oil futures (April delivery) has recaptured some of its losses during Friday’s trading, currently trading at 102.71. The rise represents a 0.35-point (0.34%) gain for the day, and comes despite forecasts of warming weather as winter draws to a close. The commodity now sits just shy of the Wednesday high at 102.80, which will likely cap the price of crude oil as we head into the weekend.

Natural gas followed a similar pattern, with a relatively flat start to the day ahead of the U.S. GDP release. The GDP figure came out worse than expected—2.4% as opposed to the forecast 2.6%—and the price of natural gas futures (April delivery) now sits 2.64% higher than the day’s open, at 4.633.

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In contrast to the rise in the fuels, the metals have had a down day across the board. Gold futures (April delivery) currently sit at 1,323.20, a 0.65 decline on the day’s opening price. The fall likely comes as a response to Fed Chair Janet Yellen’s testimony yesterday, in which she said the U.S. central bank would continue to taper its asset purchase program throughout 2014.

The precious metal’s understudy followed suit, with silver futures (May delivery) currently 0.51% lower than their daily open, at 21.243. As with gold, silver’s decline likely comes as a result of Yellen’s testimony.

Rounding off the metals space, copper futures (May delivery) are also down for the day. After yesterday’s gains, the metal is down 0.34% from its opening price, dropping to a current price of 3.190. In addition to the slowdown in China, the aforementioned disappointing GDP figure likely fueled this decline, with copper being integral to many facets of U.S. production.

All said Friday has turned yesterday’s action on its head. Heading into the weekend, the fuels are trading higher and the metals are trading lower. If warmer weather comes as expected this weekend however, Monday’s trading could see the action reverse once again.

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com