MTECHTIPS;-Crude Oil Prices Settle More Than 1% Lower on Fears OPEC Could Lift Output


MTECHTIPS;-Crude Oil Prices Settle More Than 1% Lower on Fears OPEC Could Lift Output

MTECHTIPS-Crude oil prices settled sharply lower Thursday as reports OPEC and its allies were considering scaling back production cuts to counter a possible shortage in global supplies weighed on sentiment. On the New York Mercantile Exchange crude futures for July delivery fell 1.57% to settle at $70.71 a barrel, while on London’s Intercontinental Exchange, Brent fell 0.93% to trade at $79.06 a barrel. Russian Energy Minister Nova reportedly said Russia would discuss with OPEC in June whether it is appropriate to gradually scale back production cuts as the market was re balancing at a faster rate than many had expected in the wake of plummeting Venezuela output. The pending U.S. sanctions on Iran is another risk to global oil supplies that has added $5 to $7 barrels to the price of oil, Nova said. Nova’s remarks came as traders digested a Reuters report, citing sources, suggesting OPEC may decide in June to ease production cuts amid supply risks and in response to concerns from Washington about higher oil prices

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MTECHTIPS;-Crude Oil Prices Settle More Than 1% Lower on Fears OPEC Could Lift Output


MTECHTIPS;-Crude Oil Prices Settle More Than 1% Lower on Fears OPEC Could Lift Output

MTECHTIPS-Crude oil prices settled sharply lower Thursday as reports OPEC and its allies were considering scaling back production cuts to counter a possible shortage in global supplies weighed on sentiment. On the New York Mercantile Exchange crude futures for July delivery fell 1.57% to settle at $70.71 a barrel, while on London’s Intercontinental Exchange, Brent fell 0.93% to trade at $79.06 a barrel. Russian Energy Minister Nova reportedly said Russia would discuss with OPEC in June whether it is appropriate to gradually scale back production cuts as the market was re balancing at a faster rate than many had expected in the wake of plummeting Venezuela output. The pending U.S. sanctions on Iran is another risk to global oil supplies that has added $5 to $7 barrels to the price of oil, Nova said. Nova’s remarks came as traders digested a Reuters report, citing sources, suggesting OPEC may decide in June to ease production cuts amid supply risks and in response to concerns from Washington about higher oil prices

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MTECHTIPS;-Natural Gas Futures Turn Higher After Storage Data


MTECHTIPS;-Natural Gas Futures Turn Higher After Storage Data

MTECHTIPS- natural gas The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. increased by 91 billion cubic feet in the week ended May 18, compared to forecasts for a build of 92 billion. Thursday’s data compared with a gain of 106 billion cubic feet (bf) in the preceding week and represented a decline of 804 billion from a year earlier and was also 499 bf below the five-year average. Total U.S. natural gas storage stood at 1.629 trillion cubic feet, 33.0% lower than levels at this time a year ago and also 23.4% below the five-year average for this time of year. After the report, natural gas for delivery in June on the New York Mercantile Exchange rose 0.3 cents, or about 0.1%, to trade at $2.917 per million British thermal units by 12:33 AM ET (15:33 GMT). Futures had been inching down 0.4 cents, or about 0.1%, at $2.910 prior to the release of the supply data

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MTECHTIPS;-Natural Gas Futures Turn Higher After Storage Data


MTECHTIPS;-Natural Gas Futures Turn Higher After Storage Data

MTECHTIPS- natural gas The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. increased by 91 billion cubic feet in the week ended May 18, compared to forecasts for a build of 92 billion. Thursday’s data compared with a gain of 106 billion cubic feet (bf) in the preceding week and represented a decline of 804 billion from a year earlier and was also 499 bf below the five-year average. Total U.S. natural gas storage stood at 1.629 trillion cubic feet, 33.0% lower than levels at this time a year ago and also 23.4% below the five-year average for this time of year. After the report, natural gas for delivery in June on the New York Mercantile Exchange rose 0.3 cents, or about 0.1%, to trade at $2.917 per million British thermal units by 12:33 AM ET (15:33 GMT). Futures had been inching down 0.4 cents, or about 0.1%, at $2.910 prior to the release of the supply data

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MTECHTIPS;-Gold Prices Top $1,300 as Trump Cancels U.S.-North Korea Summit


MTECHTIPS;-Gold Prices Top $1,300 as Trump Cancels U.S.-North Korea Summit

MTECHTIPS-Gold prices extended gains in mid morning trade on Thursday as U.S. President Donald Trump dashed hopes for a summit with North Korea leader Kim Jon UN At 11:40 AM ET (15:40 GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $16.30, or around 0.6%, to $1,305.90 a troy ounce. That was close to an intraday high of $1,306.30, its highest level since May 14. Both leaders were set to meet in Singapore on June 12 to discuss the possibility of denuclearize. However, Trump called off the meeting. “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting,” he said in a letter to Kim. Escalating friction between China and the U.S. on trade issues also served to increase appetite for the safe haven asset. U.S. President Donald Trump gave a bleak outlook on Wednesday, calling for a “different structure” in trade negotiations and suggesting that the current deal will be “too hard to get done

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MTECHTIPS;-Gold Prices Top $1,300 as Trump Cancels U.S.-North Korea Summit


MTECHTIPS;-Gold Prices Top $1,300 as Trump Cancels U.S.-North Korea Summit

MTECHTIPS-Gold prices extended gains in mid morning trade on Thursday as U.S. President Donald Trump dashed hopes for a summit with North Korea leader Kim Jon UN At 11:40 AM ET (15:40 GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $16.30, or around 0.6%, to $1,305.90 a troy ounce. That was close to an intraday high of $1,306.30, its highest level since May 14. Both leaders were set to meet in Singapore on June 12 to discuss the possibility of denuclearize. However, Trump called off the meeting. “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting,” he said in a letter to Kim. Escalating friction between China and the U.S. on trade issues also served to increase appetite for the safe haven asset. U.S. President Donald Trump gave a bleak outlook on Wednesday, calling for a “different structure” in trade negotiations and suggesting that the current deal will be “too hard to get done

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