Oil And Gold Analysis: June 04, 2014
ICM Brokers | Jun 04, 2014 02:30AM ET
Crude Oil
Crude slipped as much as 0.5 percent in London. U.S.crude inventories probably dropped by 1 million barrels last week. Libya’s Hariga export terminal may reopen within two days after protests prevented loadings, National Oil Corp. said yesterday. WTI advanced 3 percent in May, the first monthly gain since February, as crude inventories shrank at the delivery point for New York contracts. Supplies at Cushing fell to 21.7 million barrels through May 23, according to the EIA, the Energy Department’s statistical arm. That’s the lowest level since November 2008.
Gold
Gold dropped in the previous six sessions, the longest slump since Aug. 6, after equities rose to a record and the dollar climbed to an eight-week high against a basket of 10 major currencies, eroding the appeal of the metal as an alternative investment. Gold fell, capping the longest slump since August, as a rally in global equities curbed demand for alternate investments. The metal touched a 17-week low, partly as tensions eased in Eastern Europe. A majority of Russia’s forces have withdrawn from the border with Ukraine, a U.S. Pentagon spokesman said on May 30. Hedge funds pared bets on a gold rally at the fastest pace this year. Hedge funds pared bets on a gold rally at the fastest pace this year after prices capped the biggest monthly decline since December. Money managers trimmed their net-long position by 24 percent as a rally in U.S. equities to a record eroded the appeal of alternative assets. Short holdings are now the highest in 15 weeks and assets in exchange-traded products backed by metal the lowest since 2009.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.