INTERNATIONAL COMMODITY NEWS :
• Gold prices rose on Friday as events heated up in Ukraine, while investors digested an upbeat take on the economy from Federal Reserve Chair Janet Yellen and concluded that despite improvements taking place in the labor market, slackness persists, leading investors to believe the Fed will take its time raising interest rates. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,281.20 a troy ounce during U.S. trading, up 0.45%, up from a session low of $1,275.00 and off a high of $1,283.70. The December contract settled down 1.53% at $1,275.40 on Thursday
• Crude prices dropped but remained range bound on Friday after investors locked in gains from upbeat U.S. data and sold the commodity for profits in a selloff fueled by concerns that the world is awash in crude. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded down 0.90% at $93.11 a barrel during U.S. trading. New York- traded oil futures hit a session low of $92.94 a barrel and a high of $94.05 a barrel. The October contract settled up 0.55% at $93.96 a barrel on Thursday.
• Natural gas prices fell on Friday after updated weather-forecasting models suggested a tropical low could intensify into a cyclone but would likely remain in the Atlantic Ocean and veer away from the Gulf of Mexico. Tropical weather systems in the Gulf of Mexico often send prices rising, as rigs are evacuated and supply slows. On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.866 per million British thermal units during U.S. trading, down 0.60%. The commodity hit a session low of $3.851, and a high of $3.894. The September contract settled up 1.73% on Thursday to end at $3.889 per million British thermal units.
• Natural gas futures turned lower on Thursday, after data showed that U.S. natural gas supplies rose more than expected last week. On the New York Mercantile Exchange, natural gas for delivery in September shed 0.51%, or 1.9 cents, to trade at $3.804 per million British thermal units during U.S. morning hours. Futures traded at $3.875 prior to the release of the supply data.
TRADING STRATEGY :