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Commodity Research Report: Weekly Report :Metals & Energy

Metals and Energy Weekly Report (December 29-January 02, 2015)
29 Dec 2014 | 05:08 PM

  • The U.S. economy grew at its fastest pace since 2003 in the third quarter on stronger consumer and business spending. Gross domestic product expanded at a seasonally adjusted annual rate of 5% in the three months ended Sept. 30, higher than the 3.9% previously estimated, the Commerce Department said.
  • The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, underscoring the economy's sustained strength. Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 280,000 for the week ended Dec. 20. It was the lowest reading since Nov. 1 and marked the fourth straight week of declines.
  • Chicago Fed national activity index rose to 0.73 in November from an upwardly revised 0.31 in October. The three-month average rose to 0.48 from 0.09 in the previous month, the highest three-month average since May 2010.
  • U.S. crude stocks unexpectedly surged last week as imports jumped and refineries maintained output, while gasoline and distillate inventories also rose sharply, data from the Energy Information Administration showed. Crude inventories rose by 7.3 million barrels in the last week, compared with analysts' expectations for a decrease of 2.3 million barrels. U.S. crude imports rose last week by 1.174 million barrels per day.
  • The U.S. Energy Information Administration said in its weekly report that natural gas storage fell by 64 billion cubic feet last week, compared to expectations for a decline of 60 billion after a drop of 51 billion in the previous week. Total U.S. natural gas storage stood at 3,295 trillion cubic feet.
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