Natural gas heads for more losses after US inventory data
Natural gas prices fell today despite US data that showed a large inventory drawdown last week, as the energy sector overall weakens.
The Energy Information Administration reported a drop of 237 billion cubic feet last week, while analysts expected a drop of 249 billion.
As of 15:35 GMT, natural gas fell 1.7% to $2.616 per million British thermal units, with a session-high at $2.691, and a low at $2.596.
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Wall Street opens lower after weak data
US stock indices fell today following weak labor data, and following some earnings results.
Earlier US data showed unemployment claims fell 19 thousand to 234 thousand last week, quite above estimates of 220K.
Bank of England Governor Mark Carney warned that a no-deal Brexit would raise economic recession risks, adding that resulting uncertainty would harm trade and finances considerably.
The BoE cut growth estimates for the UK to 1.2% from 1.7% previously.
Otherwise, the European Commission cut growth estimates as well for the euro zone to 1.3% from 1.9%.
As of 15:22 GMT, Dow Jones declined 0.5%, or 136 points to 25,265, while Nasdaq dropped 0.8%, or 57 points to 7,318, as Standard and Poor's retreated 0.6%, or 16 points to 2,715.
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Iron ore scales two-year peak
Iron ore prices rose for another session to two-year highs after news of a devastating breach in a Brazilian dam.
The breach forced Vale, the largest iron ore producer in Brazil, to stop mining in the region, in turn threatening supplies.
Before the incident, the market was mostly balanced, but with the new developments, some analysts are expecting a surge to $100 per tonne.
China's markets are closed for the entire week to celebrate the new Lunar Year, in turn cutting demand on the industrial metal.
Iron ore February futures rose 0.9% to $88.9 a tonne, the highest since March 2017.
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Mark Carney says no change in rates coming soon
Bank of England Governor Mark Carney said in a press conference the BoE doesn't plan to change policy rates soon beyond 0.75%.
Carney warned that a no-deal Brexit would raise economic recession risks, adding that resulting uncertainty would harm trade and finances considerably.
The BoE cut growth estimates for the UK to 1.2% from 1.7% previously.
Carney also warned from signs of economic slowdown in the global economy and amid the ongoing US-China trade dispute that's weighing on the British economy.
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