Crude Oil Falls On OPEC And EIA News

economic calendar was action packed,

starting with Q1 Productivity Growth, which was revised up while Unit Labor
Costs were revised down (report).
Initial Jobless Claims increased unexpectedly (report)
and Manufacturing Growth slowed more than expected (report).

Treasuries closed fractionally higher, barely
making a dent into yesterday’s losses as traders decided to wait until
tomorrow’s Non-Farm Payrolls report before initiating new positions.

The US Dollar Index managed to record a slight gain, with the Dollar closing
higher against all the majors.

The metals complex experienced heavy selling. Gold futures lost more than $16 to
close at $633.50. In less than three weeks Gold has fallen from a high of
$739.20. Silver also fell heavily, along with Copper, which declined for the
third straight day.

In the energies, June Crude Oil futures closed lower after OPEC agreed to keep
production levels unchanged and the EIA reported Crude Oil inventories rose in
the most recent week (report).

Economic News

EIA – Gasoline Inventories Rise 794K Barrels, Crude Inventories Rise 1.6 Mln.
Barrels, Distillate Rise 1.8 Mln. Barrels

EIA – Natural Gas Stockpiles Rose 80 BCF Last Week

Construction Spending Down 0.1% In April (report)

May ISM Factory Index Falls To 54.4 From 57.3 (report)

Initial Jobless Claims Rose 7K Lask Week To 336K (report)

Q1 Productivity Forecast Rises At 3.7% Rate; Costs Up 1.6% (report)

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Ashton Dorkins

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