Commodities: Crude eases as traders look to looming rig-count data

Andrew Schonberg Sharecast | 17 Feb, 2017 16:20 - Updated: 16:20 | | |

BP petrol station pumps, oil & gas

Crude futures have eased on Friday as traders look to rig-count data out tonight, ahead of the Presidents Day long weekend in the US.

At 15:10 GMT, Nymex-traded West Texas Intermediate crude was down 0.37% to $53.16 a barrel, while Intercontinental Exchange-priced Brent was down 0.5% to $55.37 a barrel.

Oil prices have slipped back ahead of the weekend and tonight’s latest rig count data, with expectations high of another increase.

"Oil prices have slipped back ahead of the weekend and tonight’s latest rig count data," said Michael Hewson, chief market analyst at CMC Markets UK.

Hewson's commentary followed two sets of data this week that separately showed rising US inventories last week.

This was against a backdrop of a global supply glut, and speculation that cartel OPEC would cut output again at its next meeting.

SwissQuote noted that a correction in the near-term towards $49.61 was possible if support at $50.71 was broken.

"We consider that further weakness are very likely," said SwissQuote in a statement.

On Comex, gold was up 0.16% to $1243.6 an ounce, while silver fell 0.19% to $18.04 an ounce and copper shed 0.92% to 269.35 cents a pound.

Hewson said gold prices had continued to remain resilient as investors continued to hedge their bets on the co-called 'Trump Trade', as well as rising political risk in France.

Three-month industrial metals on London Metals Exchange were all lower. Copper and tin fell the most, chased by aluminum and zinc.

Among agriculturals, Chicago Board of Trade corn fell 0.33% to 379.75 cents a bushel, and wheat slipped 0.33% to 459.75 cents a bushel.

ICE-priced coca eased 0.54% to $2031 a MT, and cotton No.2 faded 0.89% to 76.09 cents a pound. Live cattle was up 0.69% to 113.93 cents a pound.

More news

21:46 US close: Stocks end up on earnings, Nasdaq breaches 6,000 for first time

US stocks ended in the black on Tuesday thanks to some well-received corporate news and as investors awaited a big tax reform announcement from President Donald Trump, with the tech-heavy Nasdaq breaching the 6,000 level for the first time.

19:19 Bonds: Euro area yields bounce back on ECB speculation

These were the movements in some of the most widely-followed 10-year sovereign bond yields: US: 2.31% (+4bp)UK:1.09% (+3bp)Germany: 0.38% (+5bp)Spain: 1.68% (+7bp)France: 0.90% (+7bp)Italy: 2.27% (+9bp)Portugal: 3.61% (+5bp)Greece: 6.44% (-1bp)Japan: 0.03% (+0bp)

18:34 FX round-up: Sterling holds up well as attentions turn from Macron to ECB, US tax reforms

Sterling held up relatively well on Tuesday -- up on the dollar but down on the euro -- as the market looks to the European Central Bank's rate decision later in the week, US tax reforms tomorrow and a stack of other economic data due on both sides of the Atlantic.

18:29 Europe close: Stocks consolidate gains even as single currency jumps

European stocks made slight gains as markets consolidated the previous session's sharp rise on the heel of the results of the French presidential election, with the euro continuing to advance of the European Central Bank's next policy meeting.

17:37 US open: Nasdaq hits 6,000 mark for the first time ever

The Nasdaq hit the 6,000 mark for the first time on Tuesday on the back of recent better-than expected corporate earnings and the so called ‘Trump rally’.

17:31 Sector movers: Engineers pace gains

Engineers registered the biggest gains on Tuesday on the back of supportive comments from analysts at two top brokers.

17:20 Wednesday preview: Trump's tax reveal follows GSK, StanChart starter

Wednesday will see a fairly busy day for corporate quarterly results, including GlaxoSmithKline and Standard Chartered, plus is the day when Donald Trump announced he will unveil his 'big tax reform'.

16:35 Commodities: Crude futures tend lower ahead of much-watched API data

Crude-oil futures were tending lower ahead of industry stores data from American Petroleum Institute later on Tuesday.

15:01 FTSE 250 movers: Elementis rallies on trading statement; Vectura hit by downgrade

London's FTSE 250 was up 0.1% to 19,628.75 in afternoon trade, with broker notes providing much of the action.

15:36 Telford Homes to buy Stone Studios in Hackney Wick

AIM-listed residential property developer Telford Homes has exchanged contracts for the purchase of Stone Studios, a residential-led mixed-use development site on Wallis Road, Hackney Wick, E9.