Stock Market News
Commodities: WTI futures higher, Saudi Aramco IPO a 'talking point' in markets
Upon first glance, the commodity patch was quiescent at the end of the week, but a deeper dive revealed quite a bit more.
As of 1903 GMT, the US dollar spot index was edging higher by 0.09% to 90.22, while the Bloomberg commodity index was up by 0.05% to 87.36.
However, beneath the surface energy futures were broadly higher, amid a mix of geopolitical, political and somewhat idiosyncratic factors, according to market commentary.
So, despite booming US shale oil production, as was reflected in the latest set of US industrial production figures released earlier on Friday, investors were also monitoring risks to the Iran nuclear deal after the US Secretary of State was sacked on Wednesday and the IEA's warning the day before that oil balances might tighten as Venezuelan crude output continued to fall.
According to the Federal Reserve, US industrial output jumped by 1.2% month-on-month in February, amid a record 12% year-on-year increase in oil and gas extraction.
That data came as Bloomberg reported that Saudi Aramco might be willing to push back the timing of its initial public offering, among other reasons due to push-back from some US investors over valuation, partly as a result of the ongoing boom in US shale oil.
Against the backdrop provided by that propicious mix of factors, at the end of the week West Texas Intermediate crude oil futures were sporting gains of 1.80% to $62.29 a barrel on NYMEX, alongside a rise of 1.09% for RBOB gasoline to $1.9457 a gallon.
Gold futures on the other hand were lower, as were other precious metals, retreating by 0.39% to $1,312.70/oz. on COMEX.
Base metals on the LME were mixed, although three-month copper futures traded down to $6,888 per metric tonne, versus a Thursday close of $6,908 per tonne.
Agricultural commodity prices were also soft, with wheat futures getting thrashed, erasing 2.30% to $4.6775 a bushel on CBoT, alongside a 1.03% retreat in similarly-dated corn futures to $3.8275 a bushel.
As of 1903 GMT, the US dollar spot index was edging higher by 0.09% to 90.22, while the Bloomberg commodity index was up by 0.05% to 87.36.
However, beneath the surface energy futures were broadly higher, amid a mix of geopolitical, political and somewhat idiosyncratic factors, according to market commentary.
So, despite booming US shale oil production, as was reflected in the latest set of US industrial production figures released earlier on Friday, investors were also monitoring risks to the Iran nuclear deal after the US Secretary of State was sacked on Wednesday and the IEA's warning the day before that oil balances might tighten as Venezuelan crude output continued to fall.
According to the Federal Reserve, US industrial output jumped by 1.2% month-on-month in February, amid a record 12% year-on-year increase in oil and gas extraction.
That data came as Bloomberg reported that Saudi Aramco might be willing to push back the timing of its initial public offering, among other reasons due to push-back from some US investors over valuation, partly as a result of the ongoing boom in US shale oil.
Against the backdrop provided by that propicious mix of factors, at the end of the week West Texas Intermediate crude oil futures were sporting gains of 1.80% to $62.29 a barrel on NYMEX, alongside a rise of 1.09% for RBOB gasoline to $1.9457 a gallon.
Gold futures on the other hand were lower, as were other precious metals, retreating by 0.39% to $1,312.70/oz. on COMEX.
Base metals on the LME were mixed, although three-month copper futures traded down to $6,888 per metric tonne, versus a Thursday close of $6,908 per tonne.
Agricultural commodity prices were also soft, with wheat futures getting thrashed, erasing 2.30% to $4.6775 a bushel on CBoT, alongside a 1.03% retreat in similarly-dated corn futures to $3.8275 a bushel.
Related share prices |
---|
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price