Gold on MCX settled down -1.17% at 29729 as the U.S. dollar strengthened during testimony by U.S. Federal Reserve Chairman Jerome Powell to the U.S. Congress. Powell offered an upbeat view of the U.S. economy in an appearance before the Senate Banking Committee, with markets expecting two more interest rate increases this year amid a continued economic expansion. The Fed’s Powell said on Tuesday he sees the United States on course for years more of steady growth, but was challenged in a congressional hearing by senators worried the Trump administration’s trade policies were already damaging businesses in their districts.
The Fed’s Powell said on Tuesday he sees the United States on course for years more of steady growth, but was challenged in a congressional hearing by senators worried the Trump administration’s trade policies were already damaging businesses in their districts. U.S. President Trump tried to calm a storm over his failure to hold Russian President Vladimir Putin accountable for meddling in the 2016 U.S. election, saying he misspoke in a joint news conference in Helsinki. The US industrial production rose 0.6% last month after falling 0.5% in May.
Gasoline stocks rose by 425,000 barrels, compared with expectations for a 44,000-barrel decline. Distillate fuels stockpiles, which include diesel and heating oil, rose by 1.7 million barrels, compared with expectations for an 873,000-barrel gain, the data showed. Two of Venezuela’s four crude upgraders are slated to undergo a period of maintenance in the next few weeks. The units are capable of processing a combined 700,000 barrels per day. Reports that the U.S. is considering releasing strategic petroleum reserves and has softened its stance toward Iranian crude importers amid renewed exports from Libya has scaled back expectations for a global supply shortage.
Overall, demand will ease to MODERATE the next few days then back to HIGH Fri-Sun. The EIA is estimating that working gas deficit to the five-year average is growing. Net injections into storage totaled 51 Bcf for the week ending July 6, compared with the five-year average net injections of 77 Bcf and last year’s net injections of 59 Bcf during the same week. Warmer-than-normal temperatures throughout the Lower 48 states contributed to increased power demand for natural gas for air conditioning, but traders are betting that the cooling weather will reduce demand.
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