INTERNATIONAL COMMODITY NEWS

The U.S. Energy Information Administration said in its weekly report thatnatural gas storage in the U.S. fell by 119 billion cubic feet in the week ended February 2, while analysts had forecast a decline of 116 billion. That compared with a draw of 99 billion cubic feet (bcf) in the preceding week and represented a decline of 503 billion from a year earlier and was also 393 bcf below the five-year average. Total U.S. natural gas storage stood at 2.078 trillion cubic feet, 19.5% lower than levels at this time a year ago and also 15.9% below the five-year average for this time of year. After the report, prices initially spiked in a knee-jerk reaction. However, by 10:36AM ET (15:36GMT) natural gas for delivery in March on the New York Mercantile Exchange gained 2.3 cents, or about 0.9%, to trade at $2.725 per million British thermal units. Futures had been rising by 3.6 cents, or about 1.3%, at $2.738 prior to the release of the supply data.

Environmental activists in California on Thursday plan to protest a Trump Administration proposal to vastly increase offshore oil drilling in the United States. The protest was planned to immediately precede a public meeting by the U.S. Interior Department's Bureau of Ocean Energy Management in Sacramento, where officials will be available to talk with members of the public about the proposed drilling expansion and help them submit public comments. California officials said on Wednesday that the state would block transport of such petroleum through its waters. The protest is being organized by several environmental groups including the Center for Biological Diversity, the Sierra Club, and the Natural Resources Defense Council.

Gold prices bounced off a one-month low on Thursday, as the U.S. dollar retreated despite the release of upbeat jobless claims data and news the U.S. government averted a shutdown. Comex gold futures were up 0.17% at $1,316.70 a troy ounce by 08:55 a.m. ET (12:55 GMT), off a one-month trough of $1,309.20 hit earlier in the day. The U.S. Department of Labor reported on Thursday that the number of Americans filing for unemployment benefits unexpectedly fell last week, dropping to its lowest level in nearly 45 years. The greenback initially strengthened after U.S. congressional leaders on Wednesday reached a two-year budget deal to raise government spending by almost $300 billion. The budget agreement averted the risk of a government shutdown or a debt default. The dollar was also underpinned by higher U.S. bond yields, with the yield on benchmark10-year Treasury notes hovering close to recent four-year highs on Thursday.

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