Nat Gas Ends The Day Sharply Lower Oil Just Under $93
10-Aug-12 15:35 ET
[BRIEFING.COM] Crude oil struggled in negative territory for all of today's floor trade even with a weaker dollar. The energy component was as low as $91.93 per barrel but was able to erase most of the day's losses. Despite the down session, crude settled the week 1.7% higher at $92.93 per barrel.
Natural gas continued yesterday's afternoon and overnight losses as it trended lower for its entire pit session and hit a session low of $2.76 per MMBtu, despite bullish inventory data yesterday. The September contract is now at a new one month low following these losses, which is largely driven by milder weather conditions. Nat gas ended 6% lower at $2.77/MMBtu.
Gold began pit trade in the red and fell as low as $1608.10 per ounce in morning action. However, buyers stepped in and took prices into positive territory and to a session high of $1629.70 per ounce as the dollar weakened. The third consecutive session of gains pushed prices up such that the yellow metal settled the week 0.9% higher at $1622.90 per ounce. Action in earlier sessions came in response to moves by the dollar, weak Chinese data and a better-than-expected U.S. jobs report.
Silver came off its session low of $27.53 per ounce and rallied to a session high of $28.32 per ounce in late morning action. The metal was unable to stay in the black and spent the remainder of floor trade chopping around just below the break-even level. Despite securing a gain in today's pit session, silver closed the week 1.0% higher at $28.05 per ounce.