MTECHTIPS;-Gold Prices Remain Lower on Stronger U.S. Dollar


MTECHTIPS;-Gold Prices Remain Lower on Stronger U.S. Dollar



MTECHTIPS-Gold prices remained lower on Tuesday, as the recent approval of a major U.S. tax reform bill continued to lend broad support to the greenback. Comex gold futures was down $2.70 or about 0.21% at $1,275.10 a troy ounce by 08:40 a.m. ET (12:40 GMT). The greenback strengthened after the U.S. Senate passed a tax overhaul package over the weekend amid expectations that tax cuts for corporations will stimulate the U.S. economy. Some investors also believe the boost to the economy will prompt the Federal Reserve to raise interest rates at a faster pace. Republicans are aiming to send a final tax bill to the White House before Christmas, with the House and Senate working to reconcile separate versions of the plan. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.18% at 93.22. Gold is sensitive to moves in both U.S. rates and the dollar. A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion. Traders seemed to ignore data on Tuesday showing that the U.S. trade deficit widened to a nine-month high in October 

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MTECHTIPS;-Natural Gas Futures Snap Back as Weather Turns Milder


MTECHTIPS;-Natural Gas Futures Snap Back as Weather Turns Milder

MTECHTIPS-Natural gas futures extended their decline into a second session on Tuesday, as updated weather forecasts showed a return to mild weather after a cold spell in the eastern U.S. U.S. natural gas futures sank 5.5 cents, or around 1.8%, to $2.930 per million British thermal units by 8:15 AM ET (1315 GMT), after plunging 7.6 cents, or 2.5%, a day earlier. Monday’s plunge came as weather models predicted mild weather across most parts of the continental United States starting from Dec. 15. Initial forecasts called for much colder weather during the period. Natural gas futures have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand. Prices of the fuel typically rise ahead of the winter as colder weather sparks heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a draw in a range between 3 and 12 billion cubic feet (bcf) in the week ended Dec. 1. That compares with a drop of 33 bcf in the preceding week, a fall of 42 bcf a year earlier and a five-year average decline of 69 bcf. Total natural gas in storage currently stands at 3.693 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 309 bcf, or around 7.7%, lower than levels at this time a year ago and 107 bcf, or roughly 2.8%, below the five-year average for this time of year

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MTECHTIPS;-Natural Gas Futures Snap Back as Weather Turns Milder


MTECHTIPS;-Natural Gas Futures Snap Back as Weather Turns Milder

MTECHTIPS-Natural gas futures extended their decline into a second session on Tuesday, as updated weather forecasts showed a return to mild weather after a cold spell in the eastern U.S. U.S. natural gas futures sank 5.5 cents, or around 1.8%, to $2.930 per million British thermal units by 8:15 AM ET (1315 GMT), after plunging 7.6 cents, or 2.5%, a day earlier. Monday’s plunge came as weather models predicted mild weather across most parts of the continental United States starting from Dec. 15. Initial forecasts called for much colder weather during the period. Natural gas futures have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand. Prices of the fuel typically rise ahead of the winter as colder weather sparks heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a draw in a range between 3 and 12 billion cubic feet (bcf) in the week ended Dec. 1. That compares with a drop of 33 bcf in the preceding week, a fall of 42 bcf a year earlier and a five-year average decline of 69 bcf. Total natural gas in storage currently stands at 3.693 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 309 bcf, or around 7.7%, lower than levels at this time a year ago and 107 bcf, or roughly 2.8%, below the five-year average for this time of year

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