Monday , May 25 2020
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Andrew Moran

Andrew Moran

I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

Articles by Andrew Moran

Gold Rises on US-China Tensions, Posts Weekly Loss

2 days ago

Gold futures are rising to finish the trading week, but they are still poised for a weekly loss. The yellow metal has been impacted by growing investor sentiment over economies reopening, plus Modern’s Coronavirus vaccine development affected gold prices. But a renewed US-China spat, as well as geopolitical tensions, could help gold pare its losses during the holiday-shortened trading week.
June gold futures tacked on $11.10, or 0.64%, to $1,733.00 per ounce at 18:33 GMT on Friday on the Comex division of the New York Mercantile Exchange. Gold took a breather from its 14% year-to-date surge as prices fell about 1.2% this week.
Silver, the sister commodity to gold, is also continuing its upward ascent to close out the trading week. July silver futures surged $0.256, or 1.47%, to $17.62 per

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Natural Gas Slumps as US Supplies Climb, Rig Count Dips

3 days ago

Natural gas futures are slumping on Thursday after the US government reported that domestic inventories climbed. This is terrible news for an industry that is facing a record decline in global demand, and analysts say the decline in production may not be enough to rebalance the market. How low could natural gas go?
June natural gas futures tumbled $0.046, or 2.6%, to $1.725 per million British thermal units (btu) at 15:39 GMT on Thursday on the New York Mercantile Exchange. The energy commodity has had a decent week, advancing about 3%. However, year-to-date, prices are down nearly 21%.
According to the US Energy Information Administration (EIA), domestic stockpiles of natural gas increased by 81 billion cubic feet for the week ending May 15. In total, inventories stand at 2.503 trillion

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Wheat Tops One-Week High of $5 Despite Global Supply Glut

4 days ago

Wheat futures are trading at their best levels in a week as the agricultural commodity topped $5. Despite the industry facing a global supply glut, wheat prices are rising higher on an increase in net-long positions and a boost in buying across international markets. But the consensus is that this rally will be short-lived due to immense stockpiles.
July wheat futures picked up $0.05, or 1.00%, to $5.0375 per bushel at 15:22 GMT on Wednesday on the Chicago Board of Trade (CBoT). Wheat has risen to a one-week high, but it remains down 10% year-to-date.
Japan’s Ministry of Agriculture announced on Wednesday that it is purchasing 110,573 tons of food-quality wheat from the US, Canada, and Australia as the world’s sixth-largest importer attempts to boost domestic stockpiles. Wheat is

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Soybeans Retreat From One-Week High Despite Bullish Developments

5 days ago

Soybean futures are retreating from their best levels in a week after the US government reported that domestic crop plantings fell below expectations. With China renewing its demand for the agricultural commodity, could soybean prices rally in the coming weeks? It depends on Brazil and how it responds to the coronavirus pandemic after becoming a hotspot.
July soybean futures tumbled $0.045, or 0.53%, to $8.405 per bushel at 16:57 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean prices recently touched one-week highs on supply developments, but they are still down more than 12% year-to-date.
According to the US Department of Agriculture (USDA), American farmers planted 53% of their intended soybean acreage, falling short of the median estimate of 56%. Corn witnessed similar

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Gold Plunges 1% on Stock Market Rally, COVID-19 Vaccine Candidate

6 days ago

Gold futures are slumping more than 1% on Monday as the US stock market rallies to kick off the trading week. The yellow metal had been trading at its best level in one month on bearish sentiment and inflation concerns, but after the US central bank suggested a vaccine will be the only way to initiate a recovery, investors hit the buy button.
June gold futures tumbled $22.30, or 1.27%, to $1,734.00 per ounce at 16:59 GMT on Monday on the Comex division of the New York Mercantile Exchange. Gold prices just came off a 3% weekly increase, bringing their year-to-date gains to around 15%.
Silver, the sister commodity to gold, is maintaining the momentum it had at the start of the trading session. July silver futures rose $0.31, or 1.82%, to $17.38 per ounce. The white metal surged 8% last week

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Gold Hits One-Month High on US-China Tensions, Bleak Data

9 days ago

Gold futures are trading at their best levels in one month, buoyed by rising trade tensions between the world’s two largest economies and disappointing US economic data. If these trends persist, could the yellow metal test $1,800 next week? With the war of words escalating in Washington and Beijing, the odds of gold prices advancing to a record high are increasing.
June gold futures advanced $11.10, or 0.64%, to $1,752.00 per ounce at 18:39 GMT on Friday on the Comex division of the New York Mercantile Exchange. This is the best level in a month. Gold settled the week up just under 3%, lifting its year-to-date gain to more than 15%.
Silver, the sister commodity to gold, is recording a monster rally to close out the trading week. July silver futures surged $0.904, or 5.6%, to $17.06

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Natural Gas Rallies 4% Despite Bigger-Than-Expected Supply Build

10 days ago

Natural gas futures are rallying on Thursday after the US government reported a slightly bigger-than-expected increase in domestic inventories. Natural gas prices have crashed this week, adding to their bearish 2020 performance. With global demand plummeting amid the coronavirus pandemic, could natural gas suffer the same fate as crude oil and slip into subzero territory?
June natural gas futures spiked $0.068, or 4.21%, to $1.684 per million British thermal units (btu) at 15:20 GMT on Thursday on the New York Mercantile Exchange. The energy commodity is on track for a massive 13% loss this week, adding to its year-to-date loss of 23%.
According to the US Energy Information Administration (EIA), domestic stockpiles of natural gas climbed by 103 billion cubic feet for the week ending May 8.

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US Crude Slumps 1% Despite Decline in Supply, Storage Levels

11 days ago

Crude oil futures are slumping more than 1% in the middle of the trading week after the US government reported a surprise decline in domestic inventories and storage hubs. US crude prices have been rallying more than 20% over the last month on market optimism and production declines, so this may either be a temporary pause or a signal for more damage.
June West Texas Intermediate (WTI) crude futures tumbled $0.36, or 1.4%, to $25.42 per barrel at 16:40 GMT on Wednesday on the New York Mercantile Exchange. Crude prices have risen more than 6% over the last week, bringing their year-to-date declines to below 60%.
Brent, the international benchmark for oil prices, is also sliding midweek. July Brent crude futures shed $0.53, or 1.77%, to $29.45 a barrel on London’s ICE Futures exchange. Brent

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Wheat Dips As Global Supplies Under Spotlight

12 days ago

Wheat futures are slipping on Tuesday as global supplies come into focus. Since peaking at $5.80 at the end of March, the agricultural commodity has been steadily falling and could test $5 by the summer. Investors’ eyes will be on the closely watched US government report that is anticipated to forecast ample supplies of corn, soybeans, and wheat.
July wheat futures tumbled $0.0425, or 0.82%, to $5.13 per bushel at 16:04 GMT on Tuesday on the Chicago Board of Trade (CBoT). Wheat prices have slumped 7.5% over the last month, adding to their year-to-date declines of just under 9%.
Although analysts say that weather has largely been taken out of American and European wheat market prices in recent sessions, there is still some consternation regarding cold temperatures in the US and rainfall

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Gold Falls As Rallying US Dollar, Economic Reopening Weigh on Metal

13 days ago

Gold futures are slumping to start the trading week, driven by a strengthening US dollar and investors monitoring various economies – at home and abroad – beginning to reopen. The yellow metal has been trending relatively downward this month due to growing market sentiment in the aftermath of the coronavirus pandemic.
June gold futures tumbled $10.90, or 0.64%, to $1,703.00 per ounce at 14:22 GMT on Monday on the Comex division of the New York Mercantile Exchange. Last week, the yellow metal recorded a moderate gain of 0.4%. But gold prices are still up more than 12% year-to-date.
Silver, the sister commodity to gold, is also slipping to kick off the trading week. July silver futures dipped $0.043, or 0.27%, to $15.735 an ounce. The white metal enjoyed a huge 5% weekly gain, but it has

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Gold Slides As Markets Brush Off Historic April Jobs Report

16 days ago

Gold futures are sliding to end the trading week as financial markets shrugged off the historic April jobs report. The yellow metal’s drop was capped by a weaker US dollar, helping prices squeak out a tepid weekly gain. With bullish optimism prevalent throughout the equities arena, will gold continually trade around $1,700, or will it test $1,800 this month?
June gold futures tumbled $9.70, or 0.56%, to $1,716.10 per ounce at 16:47 GMT on Friday on the Comex division of the New York Mercantile Exchange. Gold is poised for a weekly jump of about 0.4%, bringing its year-to-date surge to 13%.
Silver, the sister commodity to gold, is rallying to finish the trading week. July silver futures tacked on $0.185, or 1.19%, to $15.775 per ounce. The white metal will post a huge weekly increase

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Natural Gas Seesaws Amid US Supply Build

17 days ago

Natural gas futures are seesawing on Thursday after the US government reported a build in domestic stockpiles of natural gas. Despite production levels gradually coming down, the storage increase was slightly higher than the median estimate. It has been an up-and-down year for the energy commodity.
June natural gas futures dipped $0.002, or 0.1%, to $1.942 per million British thermal units (btu) at 15:07 GMT on Thursday on the New York Mercantile Exchange. Natural gas prices had traded 2% higher before the report, and then 2% report after the report went public. Natural gas is on track for a weekly loss of about 1%, adding to its year-to-date decline of 13%.
According to the US Energy Information Administration (EIA), domestic inventories of natural gas surged by 109 billion cubic feet

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US Crude Snaps Winning Streak, Slides 5% on Tightening Storage Capacity

18 days ago

Crude oil futures are poised to snap their five-session winning streak midweek on fears over tightening storage capacity levels. Prices did limit their losses on falling US, as well as a smaller-than-expected jump in domestic inventories. Is the worst over or should the market prepare for more bleeding?
June West Texas Intermediate (WTI) crude oil futures tumbled $1.28, or 5.21%, to $23.28 per barrel at 16:53 GMT on Wednesday on the New York Mercantile Exchange. Oil prices have surged 52% over the last week, paring their year-to-date declines to below 62%.
Brent, the international benchmark for oil prices, is also slumping in the middle of the trading week. July Brent crude futures shed $2.00, or 6.46%, to $28.97 a barrel on London’s ICE Futures exchange. Brent is up 25% in the last five

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Soybeans Flat As Investors Weigh Demand Concerns, Tariff Threats

19 days ago

Soybean futures are trading relatively flat on Tuesday as commodity investors weigh demand concerns and a renewed trade spat between the US and China. Despite Beijing placing more soybean orders from the US and Brazil, there are fears that demand may not be enough due to meat-packing facility closures.
July soybean futures edged up $0.015, or 0.18%, to $8.38 per bushel at 16:26 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean prices have been hammered year-to-date, sliding more than 12%.
Across the US, a growing number of meat-packing plants have temporarily shut down operations due to workers contracting the coronavirus. The White House ordered these companies to reopen as to not affect the supply chain, but industry observers are still warning that there could be disruptions

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Gold Gains on US-China Trade Tensions, Capped by Stronger Dollar

20 days ago

Gold futures are posting modest gains to kick off the trading week, driven by US-China trade tensions as the White House continues to blame Beijing for the global coronavirus pandemic. There was a broader selloff in international financial markets on Monday as investors were nervous over another trade spat. But the yellow metal’s tepid ascent was capped by a strengthening US dollar.
June gold futures rose $11.30, or 0.66%, to $1,712.20 per ounce at 13:34 GMT on Monday on the Comex division of the New York Mercantile Exchange. Gold prices posted a weekly loss of about 0.7% last week, slightly paring their year-to-date gain of 13%.
Silver, the sister commodity to gold, is slipping to start the trading week. July silver futures dipped $0.038, or 0.25%, to $14.90 per ounce. The white metal

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Palladium Plunges 3% As Industry Expects Temporary Global Surplus

23 days ago

Palladium futures are falling more than 3% to finish the trading week as the rare metal recorded both a weekly and monthly loss. After looking like prices were headed to $3,000, palladium cratered amid the coronavirus pandemic that shut down entire economies. With many major markets gradually reopening, could the metal commodity climb back above the crucial $2,000 threshold in May?
June palladium futures plummeted $73.10, or 3.74%, to $1,882.90 per ounce at 17:13 GMT on Friday on the New York Mercantile Exchange. Palladium will post a 5.4% weekly loss, in addition to the 10% drop in April. Year-to-date, prices are down just 1.2%, but they are up more than 38% over the last 12 months.
At the end of February, palladium settled at a record high of $2,711.70 per ounce. Since then, it has

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Natural Gas Rallies 2% As Prices Post a Double-Digit Gain in April

24 days ago

Natural gas futures are rallying more than 2% on Thursday after the US government reported an increase in domestic inventories that matched market forecasts. The central development for the natural gas industry over the next month is storage levels amid a collapse in demand due to the COVID-19 pandemic. Could prices test $2 in the coming weeks?
June natural gas futures surged $0.04, or 2.14%, to $1.909 per million British thermal units (btu) at 15:18 GMT on Thursday on the New York Mercantile Exchange. The energy commodity is poised for a weekly drop of more than 2%, but it will record a monthly gain of about 23%. Year-to-date, natural gas is still down nearly 13%.
According to the US Energy Information Administration (EIA), domestic stockpiles climbed by 70 billion cubic feet for the week

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Soybean Surges 1% on Demand Hopes, USDA Supply Forecast

25 days ago

Soybean futures surged as much as 1% in the middle of the trading week, primarily driven by renewed demand hopes and the US government’s recent agricultural outlook for the upcoming marketing season. As more countries begin to reopen their economies gradually, investors are optimistic that demand could balloon, especially from the world’s top consumer: China.
July soybean futures advanced $0.0625, or 0.75%, to $8.385 per bushel at 18:05 GMT on Wednesday on the Chicago Board of Trade (CBoT). Year-to-date, soybean prices have slumped more than 12%, and they were trending downward even before the coronavirus pandemic wreaked havoc on global financial markets.
The US Department of Agriculture (USDA) recently released its Agricultural Outlook report for the 2020/2021 marketing season. It

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Copper Jumps on Supply Shortage Concerns

26 days ago

Copper futures are rising on Tuesday as supply shortage concerns seep into the market. With major countries beginning to reopen their economies, analysts say that there will be renewed demand for the industrial metal, especially if governments initiate public-works schemes. If there is higher demand, the supply might not be able to satisfy consumption levels in time.
June copper futures rose $0.0125, or 0.53%, to $2.3625 per pound at 13:48 GMT on Tuesday on the Comex division of the New York Mercantile Exchange. The red metal has rebounded over the last month, advancing nearly 9%. But copper prices are still down about 15% year-to-date.
The industrial metal is trading higher on fears of global supply shortages. Some of the world’s largest miners are enacting production cuts, driven

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Wheat Settles Lower As Russian Export Cap Comes Into Focus

27 days ago

Wheat futures settled more than 1% lower to kick off the trading week as Russia’s exports come into focus. Despite a temporary boost late last month on widespread panic-buying, wheat has been trading in red territory for most of the year. Where will the agricultural commodity go from here?
July wheat futures tumbled $0.0675, or 1.27%, to $5.2375 per bushel at 14:19 GMT on Monday on the Chicago Board of Trade (CBoT). Last week, wheat prices suffered a 3.5% loss, which added to its year-to-date slump of nearly 7%.
The major development in the global wheat industry is Russia. For the first time in more than a decade, markets might be unable to access the Eastern European’s wheat supply as the country limits exports. Major buyers are rushing to import the nation’s wheat inventories, but

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Soybean Slides Despite China’s Buying Spree

April 24, 2020

Soybean futures are dropping to close out the trading week, despite China going on a buying spree in recent days. The agricultural commodity has had a rough beginning to the year, affected by a wide range of developments, from the coronavirus pandemic to supply and demand woes. Can prices return to their 2020 peak of $9?
July soybean futures tumbled $0.0575, or 0.68%, to $8.4075 per bushel at 16:16 GMT on Friday on the Chicago Board of Trade (CBoT). Soybean is on track for a weekly dip of 0.25%, adding to its year-to-date decline of more than 12%.
According to the US Department of Agriculture (USDA), China agreed to purchase 136,000 tons of American soybeans as the world’s top consumer is looking to restock its inventory of the staple to avoid any supply chain disruptions. Importers are

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Natural Gas Slides on Supply Build, Still Poised for a Weekly Gain

April 23, 2020

Natural gas futures are slumping on Thursday after the US government reported a larger-than-expected increase in domestic inventories of the energy commodity. Despite the modest decline, prices are still poised for a huge double-digit gain at the end of the trading week.
June natural gas futures tumbled $0.025, or 1.22%, to $2.028 per million British thermal units (btu) at 14:42 GMT on Thursday on the New York Mercantile Exchange. Natural gas is on track for a weekly surge of around 20%, paring its year-to-date to below 7%.
According to the US Energy Information Administration (EIA), domestic stockpiles of natural gas rose 43 billion cubic feet for the week ending April 17, coming in higher than the market forecast of 39 billion cubic feet. In total, inventories stand at 2.14 trillion

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US Crude Spikes 25% on Geopolitical Tensions, Supply Build Fails to Cap Rally

April 22, 2020

Crude oil futures are rallying midweek after the US government reported the 13th consecutive week increase in domestic stockpiles. US oil prices rebounded after two days of steep losses that saw the May contract collapse 300% to negative territory. Is this a bear market rally or is it a bear market head fake?
June West Texas Intermediate (WTI) crude oil futures surged $3.01, or 26.02%, to $14.52 per barrel at 15:19 GMT on Wednesday on the New York Mercantile Exchange. US crude prices have crashed 76% year-to-date, and analysts are warning greater losses are ahead due to oversupply weighing on the energy sector.
Brent, the international benchmark for oil prices, is posting a modest gain in the middle of the trading week. June Brent crude futures rose $0.95, or 4.91%, to $20.28 a barrel

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US Crude Craters Another 25% After Wild Session Sends Prices to Negative

April 21, 2020

Crude oil futures are crashing again on Tuesday following the previous session’s wild ride that sent prices to negative for the first time in history. With collapsing demand and a global market awash in oil, analysts say the freefall could continue until the end of May. But US producers may be given a lifeline soon as President Donald Trump has requested federal funds for American oil companies.
May West Texas Intermediate (WTI) crude oil futures rose $39.06, or 103%, to $1.43 per barrel at 14:07 GMT on Tuesday on the New York Mercantile Exchange. June WTI contracts fell $4.72, or 23.1%, to $15.71 a barrel. Year-to-date, US crude has tumbled more than 73%.
Brent, the international benchmark for oil prices, is also sliding double digits on Tuesday. June Brent futures slumped $5.18,

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US Crude Craters 315% As Historic Plunge Sends Prices to Negative

April 20, 2020

Crude oil futures crashed more than 300% to start the trading week, driven by a collapse in global demand. The front-month futures contract suffered its largest one-day decline as prices fell below $0 for the first time in history. How low can crude prices go in this bear market?
May West Texas Intermediate (WTI) crude futures crashed $57.03, or 312.5%, to -$38.76 per barrel at 19:47 GMT on Monday on the New York Mercantile Exchange. This contract is scheduled to expire at the end of Tuesday’s trading session, but it is still an important gauge because the front-month contract typically reflects the convergence of the spot price for oil.
Brent, the international benchmark for oil prices, did not have the same historic session as it finished the day higher. June Brent crudes rose $0.33,

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Copper Slumps 1% As China’s Stimulus Fails to Boost Red Metal

April 20, 2020

Copper futures slumped about 1% to kick off the trading week, despite the world’s top consumer, China, implementing additional stimulus. The industrial metal has stabilized this month, advancing double digits on analysts’ bullish outlook on prices. Will investors purchase copper on fiscal and monetary stimulus hopes? Or will they pour into other commodities?
May copper futures tumbled $0.026, or 1.11%, to $2.3115 per pound at 15:50 GMT on Monday on the Comex division of the New York Mercantile Exchange. Copper prices are down more than 17% year-to-date, but they have pared their losses by around 11% over the last month.
With China employing every mechanism at its disposal to grow the world’s second-largest economy, copper investors are hoping that Beijing will increase its purchases

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Gold Retreats to $1,700 on Diminished Haven Appeal Over COVID-19 Optimism

April 17, 2020

Gold futures are retreating to $1,700 at the end of the trading week on broader economic optimism. US financial markets rallied on Friday after it was reported that the US government is considering reopening the country, and the pharmaceutical industry could be close to developing coronavirus treatments. Will this erase analysts’ opinions that gold prices could eye $2,000 by the end of the year?
June gold futures plunged $28.10, or 1.62%, to $1,703.30 per ounce at 16:46 GMT on Friday on the Comex division of the New York Mercantile Exchange. Gold prices are also set to post a weekly loss of 2.2%, paring their year-to-date gains to around 12%.
Silver, the sister commodity to gold, is also sliding to finish the trading week. May silver futures tumbled $0.267, or 1.71%, to $15.355 per ounce.

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Natural Gas Falls on Huge Supply Build, Sliding LNG Exports

April 16, 2020

Natural gas futures are falling on Thursday after the US government reported an increase in domestic inventories that matched market expectations. The energy commodity is also taking a hit on new data that found liquid natural gas (LNG) exports slumped amid the coronavirus pandemic. Industry observers say prices could test $2 sometime this year on diminishing output levels.
May natural gas futures shed $0.03, or 1.88%, to $1.568 per million British thermal units (btu) at 15:18 GMT on Thursday on the New York Mercantile Exchange. Natural gas is on track for a steep weekly loss of about 10%, adding to its year-to-date decline of more than 28%.
According to the US Energy Information Administration (EIA), domestic inventories of natural gas surged by 73 billion cubic feet for the week ending

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US Crude Slips Below $20 on Supply Build, Bearish IEA Forecast

April 15, 2020

Crude oil futures are plummeting in the middle of the trading week after the US government reported a bigger-than-expected increase in domestic inventories. Oil is also slumping on a forecast that crude demand is poised for a record drop amid the coronavirus pandemic that triggered a “Black April.” With the Organization of the Petroleum Exporting Countries (OPEC)’s production cut falling short of what the market wanted, crude may tumble to analysts’ predictions of prices hitting the low teens.
May West Texas Intermediate (WTI) crude futures declined $0.58, or 2.88%, to $19.53 per barrel at 16:26 GMT on Wednesday on the New York Mercantile Exchange. Crude has cratered 25% over the last week, adding to its year-to-date loss of 68%.
Brent, the international benchmark for oil prices, is also

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Soybean Slumps As Chinese Imports Plunge in March on Coronavirus

April 14, 2020

Soybean futures are trading lower on Tuesday after new data found that China’s imports of the agricultural commodity slumped last month due to shipment delays and the coronavirus disruption. After recording some modest gains in recent weeks, prices are taking a breather and slipping below the $8.50 mark.
May soybean futures tumbled $0.0725, or 0.85%, to $8.47 per bushel at 15:31 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean has declined more than 1% over the last week, but it has advanced nearly 3% this month. Overall, the crop is down about 11% year-to-date.
Using official customs data, Reuters is reporting that China’s soybean imports plummeted 13% in March from the previous year. The world’s top buyer of soybeans imported 4.28 million tons of the oilseed, down from 4.91

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