MTECHTIPS;-Crude oil drops in Asia despite upbeat China manufacturing PMI


MTECHTIPS;-Crude oil drops in Asia despite upbeat China manufacturing PMI

MTECHTIPS-Crude oil prices fell in Asia on Friday, shrugging off mostly solid manufacturing PMI figures with the market still assessing when U.S. Gulf Coast refiners might resume operations in the wake of Hurricane Harvey. The U.S. West Texas Intermediate crude October contract fell 0.55% to $46.97 a barrel. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London dipped 0.23% to $52.74 a barrel. In China, the Caixin manufacturing PMI for August jumped to 51.6, compared with a reading of 50.9 seen for the world’s second largest crude oil importer. Elsewhere in the region, The AIG manufacturing index from Australia for August soared to 59.8, compared with the July reading at 56.0 and the Japan manufacturing PMI for August came in at 52.2, a dip below 52.8 expected. Overnight, oil prices bounced off a five-week low on Thursday, while gasoline futures remained sharply higher, as markets continued to weigh the impact of Tropical Storm Harvey on supply and demand. Oil prices have been under pressure this week as Tropical Storm Harvey battered the U.S. Gulf Coast, ripping through Texas and Louisiana at the heart of the U.S. petroleum industry. Texas is home to 5.6 million barrels of refining capacity per day, and Louisiana has 3.3 million barrels. Over 2 million barrels per day (bpd) of refining capacity were estimated to be offline as a result of the storm

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MTECHTIPS;-Crude oil drops in Asia despite upbeat China manufacturing PMI


MTECHTIPS;-Crude oil drops in Asia despite upbeat China manufacturing PMI

MTECHTIPS-Crude oil prices fell in Asia on Friday, shrugging off mostly solid manufacturing PMI figures with the market still assessing when U.S. Gulf Coast refiners might resume operations in the wake of Hurricane Harvey. The U.S. West Texas Intermediate crude October contract fell 0.55% to $46.97 a barrel. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London dipped 0.23% to $52.74 a barrel. In China, the Caixin manufacturing PMI for August jumped to 51.6, compared with a reading of 50.9 seen for the world’s second largest crude oil importer. Elsewhere in the region, The AIG manufacturing index from Australia for August soared to 59.8, compared with the July reading at 56.0 and the Japan manufacturing PMI for August came in at 52.2, a dip below 52.8 expected. Overnight, oil prices bounced off a five-week low on Thursday, while gasoline futures remained sharply higher, as markets continued to weigh the impact of Tropical Storm Harvey on supply and demand. Oil prices have been under pressure this week as Tropical Storm Harvey battered the U.S. Gulf Coast, ripping through Texas and Louisiana at the heart of the U.S. petroleum industry. Texas is home to 5.6 million barrels of refining capacity per day, and Louisiana has 3.3 million barrels. Over 2 million barrels per day (bpd) of refining capacity were estimated to be offline as a result of the storm

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MTECHTIPS;-Gold prices gain in Asia as China Caixin PMI jumps


MTECHTIPS;-Gold prices gain in Asia as China Caixin PMI jumps

MTECHTIPS- Gold prices gained in Asia on Friday as an upbeat reading on manufacturing in China aided sentiment regionally that world’s second largest economy remained on track. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.17% to $1,324.40 a troy ounce. The Caixin manufacturing PMI jumped in August to 51.6, beating a 50.9 level expected, data showed on Friday, showing the fastest pace of new orders in three years. The figure follows the official manufacturing Purchasing Managers’ Index from China on Thursday came in at 51.7 in August, beating expectations. Analysts polled by Reuters expected China to post official PMI of 51.3 for August, a tick down from 51.4 in July. A reading above 50 indicates expansion, while a reading below that signals contraction. Overnight, gold prices edged higher on Thursday, as the dollar weakened, after subdued inflation data curbed investor expectations of a rate hike later this year while renewed geopolitical tensions lifted sentiment on the precious metal. Gold resumed its climb higher, following a two-day consolidation, as data showed consumer spending fell short of expectations while inflation increased at its slowest pace in nearly two years, curbing investor expectation that the Federal will hike its benchmark rate later this year

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MTECHTIPS;-Gold prices gain in Asia as China Caixin PMI jumps


MTECHTIPS;-Gold prices gain in Asia as China Caixin PMI jumps

MTECHTIPS- Gold prices gained in Asia on Friday as an upbeat reading on manufacturing in China aided sentiment regionally that world’s second largest economy remained on track. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.17% to $1,324.40 a troy ounce. The Caixin manufacturing PMI jumped in August to 51.6, beating a 50.9 level expected, data showed on Friday, showing the fastest pace of new orders in three years. The figure follows the official manufacturing Purchasing Managers’ Index from China on Thursday came in at 51.7 in August, beating expectations. Analysts polled by Reuters expected China to post official PMI of 51.3 for August, a tick down from 51.4 in July. A reading above 50 indicates expansion, while a reading below that signals contraction. Overnight, gold prices edged higher on Thursday, as the dollar weakened, after subdued inflation data curbed investor expectations of a rate hike later this year while renewed geopolitical tensions lifted sentiment on the precious metal. Gold resumed its climb higher, following a two-day consolidation, as data showed consumer spending fell short of expectations while inflation increased at its slowest pace in nearly two years, curbing investor expectation that the Federal will hike its benchmark rate later this year

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MTECHTIPS;-Natural Gas Sees Profit Selling At Seven Week Top


MTECHTIPS;-Natural Gas Sees Profit Selling At Seven Week Top

MTECHTIPS- Natural Gas futures slipped today amid flat equities and profit selling stayed on course after the counter hit a seven week high. The commodity is quoting at $3.02 per mmbtu, down 0.59% on the day. MCX Natural Gas futures are also quoting down 0.51% at Rs 193.80 per mmbtu. The latest US Energy Information Administration (EIA) natural gas storage data recorded a build of 30 Billion Cubic feet (Bcf) for the week ending August 25th. The increase was below the build of 43 Bcf recorded last week and also marginally below consensus forecasts of a 32 Bcf increase. Stocks overall are 7.0% below the year-ago level and just 0.3% above the five-year average from 1.5% last week. Prices gained this week as markets focused on the damage from Hurricane Harvey. There were expectations of disruption to natural gas production and transport, although on a lower scale than for the oil sector. Any sustained decline in production would provide underlying support to prices

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