Oil prices fall around 2% after 4 days

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US crude futures slide more than 2 % in early Asian trade on Wednesday, after a scrambling dollar had pushed upward prices by about 19 % over the last four sessions. Oil markets have recoiled in recent days as some investors become more confident that oil prices have strike bottom after a seven month rout that had elicited major energy companies to reduce spending on new production. Evaluated by industry group American Petroleum Institute that US crude stockpiles increase more than 6 million barrels previous week, in a fifth straight week of jumps, helped drive prices lower on Wednesday. US crude for March delivery was downward more than 2 % at $51.91 a barrel by 0013 GMT.

Natural Gas Futures Jumped in the Domestic Market

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Natural Gas futures jumped in the domestic and overseas market on Monday as forecasts for milder weather in the US fade the desired outlook for the heating fuel. The Commodity Weather Group, LLC forecast seasonal temperatures from the Great Plains through the East Coast from 7 Feb through 17 Feb, 2015. At the MCX, Natural Gas futures for February 2015 contract ended at Rs 165.4/1 kg, downward by 1.78 % after opening at Rs 168, against the last day of ending price of Rs 168.4. It touched the intra day low-lying of Rs 162.4 till the ending.

COMMODITY WEEKLY NEWS FOR 2 FEBRUARY 2015

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Falling in gold continued for the second day, with prices collapse by Rs 200 to Rs 28,100 per ten grams at the bullion market today, mostly in tandem with a weakening trend overseas amid low desired from jewelers. In line with overall trends, silver also jumped by Rs 1,550 to Rs 37,550 per kg on poor offtake by industrial units and coin makers. Bullion traders said apart from inactive desired from jewelers at domestic markets at prevailing levels, a weak trend in global markets where gold slide the most in 13 months as signs of a durable US labor market cut desired for safe-haven, mostly pulled downward the precious metal prices. Gold in New York, which usually set the price trend on the domestic front, slide by 1.96 percent to USD 1,258.10 an ounce and silver by 5.82 % to USD 16.92 an ounce in yesterday's trade. In the national capital, gold of 99.9 and 99.5 % purity traded lower by Rs 200 each at Rs 28,100 and Rs 27,900 per ten grams respectively. Yesterday it had lost Rs 120. Sovereign reduced by Rs 100 - Rs 23,900 per piece of eight gram. In tandem with gold, silver ready prices slide sharply by Rs 1,550 - Rs 37,550 per kg and weekly-based delivery by Rs 1,885 to Rs 37,275 per kg. Silver coins also tumble by Rs 1,000 - Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.