INTERNATIONAL COMMODITY NEWS

Gold prices were hovering near two-and-a-half week highs on Thursday, as sentiment on the greenback remained vulnerable despite the release of mostly positive U.S. data. Comex gold futures were down 0.13% at $1,356.2 a troy ounce by 08:45 a.m. ET (12:45 GMT), not far from a two-and-a-half week peak of $1,359.70 hit earlier in the day. The U.S. Commerce Department reported on Thursday that the producer price index rose in line with expectations by 0.4% in January. Year-over-year, producer prices rose2.7% last month. A separate report showed that U.S. initial jobless claims increased by 7,000 to 230,000 in the week ending Feb. 10, in line with expectations. Also Thursday, the Philadelphia Fed manufacturing index rose to 25.8 in February from 22.2 the previous month, beating expectations for a downtick to 21.1, while the Empire State manufacturing index fell to 13.10 from 17.70, confounding forecasts for a slip to only 17.50.

Crude oil prices turned lower on Thursday, as concerns surrounding rising U.S. output levels overshadowed optimism sparked by global efforts to limit production. The U.S. West Texas Intermediate crude March contract was down 44 cents or about 0.71% at $60.17 a barrel by 09:45 a.m. ET (13:45 GMT), off a one-week high of $61.55 hit earlier in the day. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London lost 68 cents or about 1.07% to $63.67 a barrel, also pulling away from an earlier one-week peak of $65.15. Prices were initially boosted after Saudi Energy Minister Khalid al-Falih said his country will be “sticking” with its policy to withhold production throughout 2018. Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.

Natural gas futures were higher on Thursday, finding support after data showed that domestic supplies in storage fell more than forecast last week. Front-month U.S. natural gas futures gained 1.7 cents, or around 0.6%, to $2.603 per million British thermal units (btu) by 10:45AM ET (1545GMT). Futures were at around $2.593 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 194 billion cubic feet (bcf) in the week ended Feb. 9, above forecasts for a withdrawal of 183 bcf. That compared with a decline of 119 bcf in the preceding week, a fall of 114 bcf a year earlier and a five-year average drop of 154 bcf. Total natural gas in storage currently stands at 1.884 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

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