Natural gas

U.S. natural gas prices swung between gains and losses in choppy trade on Wednesday, as market players continued to assess the outlook for U.S. demand and supply levels.On the New York Mercantile Exchange, natural gas for delivery in February tacked on 2.4 cents, or 0.82%, to trade at $2.962 per million British thermal units during U.S. morning hours. Prices traded in a range between $2.913 and $2.989.A day earlier, natural gas rallied 5.6 cents, or 1.94%, to settle at $2.938. Futures were likely to find support at $2.805 per million British thermal units, the low from January 2, and resistance at $3.176, the high from January 5.Updated weather forecast models continued to call for frigid temperatures in the key Northeast and Midwest markets in the next three-to-five days, boosting near-term demand expectations for the heating fuel.However, extended forecasts showed higher readings were expected for most of the nation from January 16 through January 20.Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on winter heating demand.The heating season from November through March is the peak demand period for U.S. gas consumption.Meanwhile, the U.S. Energy Information Administration's weekly storage report slated for release on Thursday is expected to show a drop of 133 billion cubic feet for the week ending January 2.Total U.S. natural gas storage stood at 3.220 trillion cubic feet, 2.5% below year-ago levels and 7.8% below the five-year average for this time of year.Elsewhere on the Nymex, crude oil for delivery in February jumped 77 cents, or 1.61%, to trade at $48.70 a barrel, while heating oil for February delivery slumped 1.24% to trade at $1.706 per gallon.

Gold Silver Copper

Gold prices posted modest gains early Thursday in Asia as investors noted the Federal Reserve did not seem aggressive on the timing of a widely expected hike in interest rates this year.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery rose 0.18% to $1,212.90 a troy ounce.According to minutes of the Fed's December meeting minutes, the central bank pressed ahead with plans to begin raising interest rates later this year, although Fed officials said they could be "patient" in deciding when to begin the process. Overnight, gold futures fell to the lowest levels of the session on Wednesday, after data showed that U.S. non-farm private employment rose more-than-expected in December.A day earlier, gold hit $1,223.30, the most since Dec. 16, before settling at $1,219.40, up $15.40, or 1.28%, as safe-haven demand was boosted amid growing fears that Greece might exit the euro zone.Also on the Comex, silver futures for March delivery rose 0.22%, to trade at $16.580 a troy ounce.Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 241,000 last month, above expectations for an increase of 226,000.The economy created 227,000 jobs in November, whose figure was upwardly revised from a previously reported 208,000.While not viewed as a reliable guide for the government jobs report due on Friday, Jan. 9, it does give guidance on private-sector hiring.Investors now looked ahead to the minutes of the Federal Reserve’s December meeting, due out later in the day, which were expected to provide further indications on the future direction of monetary policy.Gold lost nearly 2% in 2014 amid indications a strengthening U.S. economic recovery will force the Fed to start raising interest rates sooner and faster than previously thought.Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.Elsewhere in metals trading, copper for March delivery inched up 0.10% to trade at $2.765 a pound.

Crude

Crude oil prices rose in Asia on Thursday as investors noted patience by the Federal Reserve in December meeting minutes on the timing of a rate hike in 2015 and responded to a slightly bullish report on U.S. crude inventories.On the New York Mercantile Exchange, crude oil for delivery in February rose 0.20% to $48.75 a barrel.Overnight, West Texas Intermediate oil futures came off the highest levels of the session on Wednesday, after data showed that oil supplies in the U.S. fell unexpectedly last week, while gasoline and distillate supplies surged.The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories decreased by 3.1 million barrels in the week ended January 2, compared to expectations for an increase of 0.9 million barrels.Total U.S. crude oil inventories stood at 382.4 million barrels as of last week.The report also showed that total motor gasoline inventories increased by 8.1 million barrels, above expectations for a gain of 3.4 million, while distillate stockpiles rose by 11.2 million barrels.According to minutes of the Fed's December meeting minutes, the central bank pressed ahead with plans to begin raising interest rates later this year, although Fed officials said they could be "patient" in deciding when to begin the process. Elsewhere, on the ICE Futures Exchange in London, Brent oil for February delivery hit a low of $49.70 a barrel, a level not seen since May 2009, before recovering to trade at $51.01, down 10 cents, or 0.19%.On Tuesday, London-traded Brent prices tumbled $2.01, or 3.78%, to close at $51.10 a barrel.Payroll processing firm ADP said in a report earlier that non-farm private employment rose by a seasonally adjusted 241,000 last month, above expectations for an increase of 226,000.The economy created 227,000 jobs in November, whose figure was upwardly revised from a previously reported 208,000.While not viewed as a reliable guide for the government jobs report due on Friday, Jan. 9, it does give guidance on private-sector hiring.Brent prices lost nearly 48% in 2014, while WTI futures dropped almost 46% after the Organization of Petroleum Exporting Countries decided to maintain its output target at 30 million barrels a day.The decision disappointed hopes the oil cartel would lower production to support the market, as a surplus develops amid the shale boom in the U.S., which is pumping at the fastest pace in more than 30 years.

Latest

U.S. stocks closed little changed on Friday in the first trading session of 2015, finishing well off session highs as economic data short-circuited early gains. In a sign of tepid economic conditions, construction spending unexpectedly fell 0.3 percent in November, while the pace of growth in the U.S. manufacturing sector slipped to a six-month low in December, according to the Institute for Supply Management. "The data we got out today basically dampened early enthusiasm," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "It's just a little bit of softness but I don't think it changes the outlook for a stronger economy." Markets had opened higher in a broad rally, but indexes later lost ground. Volume was light in the wake of the New Year's holiday, which often exacerbates market volatility. About 5.29 billion shares traded on U.S. exchanges, well below the 6.87 billion average last month, according to BATS Global Markets. Wall Street had ended the last day of 2014 on a down note, but notched solid gains for the year and fourth quarter. A 12-day rally of nearly 6 percent through Dec. 29 had sent the S&P 500 to a record high, but the index has lost steam of late to notch its third straight decline. As market participants adjust positions in the new year, they will be questioning whether current levels are justified. Energy shares gained 0.4 percent, alternating between gains and losses alongside choppy trading in crude oil. Exxon Mobil rose 0.4 percent to $92.83 and Kinder Morgan gained 1.2 percent to $42.81 to lead the sector higher. U.S. crude settled down 58 cents at $52.69 for its 13th negative week out of the past 14, and is at levels not seen since 2009. Brent crude settled down 91 cents at $56.42 a barrel. For the week, the Dow closed down 1.2 percent, the S&P off 1.5 percent and the Nasdaq off 1.7 percent. General Motors shed 0.2 percent to $34.84 after the automaker announced three new vehicle recalls, the biggest involving the ignition-switch design of several SUV and pickup truck models. The Dow Jones industrial average rose 9.92 points, or 0.06 percent, to 17,832.99, the S&P 500 lost 0.7 points, or 0.03 percent, to 2,058.2 and the Nasdaq Composite dropped 9.24 points, or 0.2 percent, to 4,726.81. Advancing issues outnumbered declining ones on the NYSE 1,696 to 1,376, for a 1.23-to-1 ratio; on the Nasdaq, 1,555 issues fell and 1,185 advanced for a 1.31-to-1 ratio favoring decliners. The S&P 500 posted 9 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 60 new highs and 24 new lows.

Energy

Last year was an ugly one for the U.S. energy sector, and while the first trading day of 2015 pointed to continued weakness in oil, investors are starting to look to when the sector might start to recover. Crude oil prices fell 42 percent in the fourth quarter. The fallout on corporate bottom lines isn't yet known, but forecasts suggest it will be severe. Energy sector earnings are seen down 19.6 percent in the fourth quarter, according to Thomson Reuters data; on Oct. 1, the consensus estimate was for growth of 6.4 percent. While the flip in expectations is bearish, analysts say the dramatic decline in the stocks means some investors are going to start looking for buying opportunities. "It won't surprise anyone to see profits fall, so if you have no exposure this is a good time to step in," said Scott Wren, senior equity strategist at St. Louis-based Wells Fargo Advisors, which has an "equal weight" rating on the sector. "The market is ready for bad news." Investors didn't flee the group even as it fell in the last three months of the year. A total of 85 energy sector funds tracked by Lipper, a Thomson Reuters company, shows five consecutive weeks of inflows dating to late November, with more than $3.5 billion in inflows. One of the buyers is Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio, who said he was adding exposure "since these stocks are so cheap right now." Matousek noted that the pain wasn't spread equally across the sector. Denbury Resources and Noble Corp were two of the worst performers in the S&P 500 last year, losing half their value, while big integrated oil and gas firms saw less severe share price declines. Exxon Mobil fell 8.6 percent in 2014 while Chevron Corp lost about 10.2 percent. Linn Energy and Civeo Corp issued warnings this week, with both citing how lower prices have led to lower production. Investors seeing the decline in share prices and concern about overleveraged companies could bet on weaker players getting taken out by bigger companies. The energy sector has already seen one big deal, in November, when Halliburton Co agreed to buy Baker Hughes Inc for $35 billion. "You could start seeing M&A take place, since it makes sense for the bigger players to start gobbling up smaller companies," Matousek said. "They've got plenty of cash on hand and can use it to grow if they're not growing organically." While energy shares are viewed as one of the market's bigger bargains, that comes with bigger risks. The supply glut that has devastated oil prices shows no signs of stabilizing. "Certain areas of the sector have come down enough," said Joshua Brown, vice president of investments at Fusion Analytics in New York. "

Gold

Gold prices edged higher on Friday, but still remained below the $1,200 threshold as markets re-opened after the New Year Holiday and the broadly stronger dollar continued to weigh on demand for the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.16% to $1,186.00. The February contract ended Wednesday's session 1.36% lower at $1,184.10 an ounce. The dollar remained broadly supported as a recent string of upbeat U.S. data sparked optimism over the strength of the country's economic recovery and added to expectations for the Federal Reserve to soon raise interest rates. Higher U.S. interest rates would boost the greenback and weigh on gold, which has benefited from central bank liquidity and a low interest rate environment since the 2008 financial crisis. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.38% to 90.99, the highest level since December 2005. Separately, investors continued to focus on developments in Greece, where parliament was formally dissolved on Wednesday after Prime Minister Antonis Samaras failed earlier in the week to persuade lawmakers to back his candidate for head of state, casting the country's international bailout into doubt. Parliamentary elections were set for January 25, almost 18 months before the current coalition's term was due to end. Elsewhere in metals trading, silver for March delivery jumped 1.37% to $15.813 a troy ounce, while copper futures for March delivery rose 0.25% to $2.833 a pound.

Natutal Gas

Natural gas futures were higher on Friday, easing off two-year lows as reports of an outbreak of cold January weather was expected to stoke demand for the heating fuel. On the New York Mercantile Exchange, natural gas futures for delivery in January were up 4.83% at $3.029 per million British thermal units during U.S. morning trade. Natural gas futures found support after the U.S. government’s Global Forecast System published earlier in the week showed "a stronger cold push" in the Midwest. The report also showed lower temperature readings for the Plains, Texas and the Northeast for January 3 through January 7, while forecasts turned colder in the central and northern mid-Atlantic regions for the following five days. However, forecasts from Commodity Weather Group on Friday indicated that the weather in January will be 6.7% warmer than a year earlier. Natural gas prices dropped below $3 per million British thermal units last week to the lowest level since September 2012, as unusually mild winter weather limited demand while production soared. On Wednesday, the U.S. Energy Information Administration said in its weekly report that natural gas storage fell by 26 billion cubic feet last week, compared to expectations for a decline of 38 billion after a drop of 49 billion in the previous week. Total U.S. natural gas storage stood at 3,220 trillion cubic feet. Approximately 49% of U.S. households use gas for heating, according to the EIA, the statistical arm of the Energy Department.

Crude

Global benchmark Brent crude oil closed down nearly a dollar a barrel Friday after a day of choppy trading despite expectations of new investments in the new year, as strong mid-day rallies in crude fizzled. Brent was down 91 cents at $56.42 a barrel. Earlier, it touched a post-2009 low of $55.48, having averaged around $110 a barrel between 2011 and 2013. Front-month U.S. crude for February delivery settled down 58 cents a barrel at $52.69, before a steep 50-cent drop post-settlement. The U.S. dollar index was 0.9 percent stronger on Friday. The combination of the supply glut and the strong dollar has been a "double whammy" for crude oil prices, said Walter Zimmerman, chief technical analyst at United-ICAP. "This is a long-term cyclical downtrend," Zimmerman said. "It's going to take a while for prices to fall low enough to cut off that excess production." Low trading volume also made the market vulnerable to knee-jerk reactions. Saudi Arabia's King Abdullah bin Abdulaziz is suffering from pneumonia and temporarily needed help to breathe through a tube on Friday but the procedure was successful and his condition was now stable, the royal court said. OPEC, the Organization of Petroleum Exporting Countries, which includes Saudi Arabia, declined to restrict oil output in November despite pressure from its member nations. Iran's deputy foreign minister urged regional rival Saudi Arabia on Thursday to take action to support oil prices, saying producer countries across the Middle East will be hurt unless the price slump is reversed. In the United States, benchmark oil prices took some support from data on Wednesday showing inventories fell by 1.8 million barrels in the last week, but an increase of 2 million barrels at the U.S. crude contract's delivery hub of Cushing, Oklahoma, kept prices under pressure. traders were searching for a bottom in U.S. crude around the $52 a barrel mark, but Friday contained mostly sideways trading due to thin volume, said Carl Larry, director of business development at Frost & Sullivan. "We're all waiting for the new money to come in next week," he said. (Additional reporting by Jessica Resnick-Ault in New York, David Sheppard in London, Meeyoung Cho in Seoul and Jane Xie in Singapore; Editing by Jason Neely, David Holmes, Bernadette Baum, Peter Galloway and Nick Zieminski)