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CEP: Gold, Natural Gas Leads Selloff in Commodities
Natural gas futures contracts in the U.S. are dropping after underground storage in the United States increased 87 billion cubic feet in the week ending Sept. 26, according to a release issued by the Energy Information Administration (EIA) on Thursday morning.The weekly increase overshot the +87 Bcf Bloomberg estimate. Natural gas is down $0.330 mmbtu to $7.470 after dropping from session-open levels on the 10:35 a.m. EDT EIA release.
In the mining sector, meanwhile, Chicago Board of Trade (CBOT) gold is trading down $43.60 per ounce to $844.70 USD. In Canadian dollars, gold is down $21.41 to C$904.03.

Barclays Capital's Yingxi Yu believes gold's safe haven properties still have some upside potential remaining after gold reached as high as $932.50 on Sept. 29, amid the speculation surrounding the U.S. financial sector.

"Yesterday, with the exception of gold, prices across the board, closed the session in positive territory. Silver prices retained most of the day's gains to close 4.2% higher at $ $12.5/oz," Yu wrote. "We expect silver prices to continue to track gold prices closely and similarly expect safe haven buying to provide upside potential in the near term."

Silver contracts at the CBOT are down $1.22 per ounce to $11.54. Bloomberg's index for base metals is down 5.13 points to 185.87.

West Texas Intermediate crude oil is down $3.87 per barrel to $94.66 and Intercontinental Exchange (ICE) RBOB gasoline futures are down 9.77 cents per gallon to 236.00 cents. Heating oil at the ICE is down 5.08 cents to 287.04 cents.

Wheat futures at the CBOT are down $16.25 to $653.50.