Nymex Crude Gains as USD Slides

Source: Dow Jones Newswires, Jerry DiColo (10/14/10)

"Now traders await today's EIA oil inventory data."

Crude futures ventured higher Thursday on continued weakness in the USD, as traders await weekly U.S. oil inventory data.

Light, sweet crude for November delivery recently traded 0.6%, higher at $83.50/barrel (bbl) on the NYMEX. Brent crude on the ICE futures exchange traded $0.15 higher at $84.79/bbl.

The dollar was recently down against the other currencies, offering support to oil prices. A weaker USD makes oil cheaper for buyers in other currencies, and the euro's surge to the highest level against the dollar since January has helped keep crude futures above $80/bbl for more than a week.

The ICE dollar index was recently down 0.8%, while the euro rose 0.9% to $1.4081.

"It's a continuation of the uptrend with the weaker dollar and stronger equities supporting commodities," said Tom Bentz, a broker with BNP Paribas Commodity Futures.

He said a surprise draw in U.S. crude stockpiles in data released Wednesday from the American Petroleum Institute is also helping support prices. But most traders are waiting for the U.S. Energy Information Administration's weekly inventory report due 11 a.m. EDT Thursday for confirmation.

The API reported a surprise 4 draw in U.S. crude stockpiles for the week ended Oct. 8. Gasoline inventories fell by 1.9 million barrels (Mbbls.) and stocks of distillate, which include heating oil and diesel, fell by 250,000 barrels.

Analysts were expecting crude oil inventories to rise by 1.2 Mbbls., according to a Dow Jones Newswires survey. Gasoline inventories were seen falling by 1.4 Mbbls. and stocks of distillates were expected to fall by 1.5 Mbbls.

"A lot of people are still kind of reeling from the API numbers last night. It caught a lot of people off guard and we'll see if the EIA numbers bear that out," said Oil Outlooks and Opinions Analyst Carl Larry.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

Latin America: Six Gold Juniors Amass 100M+ Ounces
Source: Marc Davis, BNW News (05/25/2010)

Latin America, the world's last great mineral frontier for prolific gold discoveries, is proving a godsend for some lucky investors.

Mexico: Gold's Next Powerhouse Player
Source: Marc Davis, BNW News (11/03/2009)

As the world's key gold producing nations struggle mostly in vain to replenish dwindling below-ground supplies, Mexico is bucking the trend in a big way.

Where Have All the Gold Mines Gone?
Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

Congo Completes Mining Review, Says Majors Quit Talks
Source: Reuters (12/20/2008)

"Review process is extended an additional 45 days to allow six companies to return to the negotiating table for direct talks with government ministers."

I haven’t spoken to my old mining stock friend, noted and universally respected gold stock guru, Bob Bishop, about Rare Element in a year, but I hear he is still a supporter and very large shareholder. I don’t believe he will hold it against me to remind you that this was one of his favorite holdings when he left the newsletter writing business. . .

It's Only the Beginning for Uranium
Source: www.financialinsights.com (06/03/2005)

Dr. Richard S. Appel, author of Financial Insights, first became bullish on uranium in mid-2003, when it appeared obvious that its supply versus demand equation was fated to seriously drive higher its price. Since then, a series of events in the uranium industry has led Appel to believe that uranium prices will reach never before seen levels.

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