Karachi, November 14, 2014 (PPI-OT):
Crude Oil Collapses as Global Supply Glut Concerns Linger
Natural Gas Extend Declines Ahead Of Inventories Data
Quarterly Forecast: Gold Remains Vulnerable To US$ Strength
Crude oil benchmarks plummeted on Thursday with WTI sliding by over 3 percent to a fresh 3 year low. Global supply glut concerns continue to weigh on the commodity and were likely bolstered by the latest round of DOE inventories figures.
Supplies at Cushing rose by their highest since August, and total production climbed above the 9 million barrels a day mark for the first time since 1985. Over the session ahead there is likely a high hurdle for strong US data to deliver offsetting positive demand side cues. This could see the crude complex remain under pressure.
Meanwhile gold and silver continue to tread water as a void of major US data leaves their pricing currency, the US$, lacking guidance. A strong set of upcoming US Advance Retail Sales and consumer sentiment figures could stand to reinvigorate the US Dollar bulls. Which in turn, could drag the precious metals lower.
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