Natural gas futures rallied 4% in American trade off September 18 lows, while still marking the second weekly profit in a row, as the dollar index fell off June 2017 highs. 

That comes following a stream of data from the US, the world's largest energy consumer, including the EIA report that showed an inventory drawdown, while China's trade ministry announced talks with the US on trade on December 7-8. 

As of 08:25 GMT, natural gas futures due in February rose 2.85% to $3.03 per million British thermal units, while the dollar index inched down 0.11% to 96.17 off 1-1/5 year highs. 

Earlier US data showed the unemployment rate rose to 3.9% in December from 3.7% in November, which was the lowest since 1969, while analysts expected no change. 

US average hourly earnings rose 0.4% in December, beating estimates of 0.3% and up from 0.2% in November. 

The US economy added 312 thousand new jobs in December, the fastest such pace since February 2018, and beating estimates of 179K, and compared to November's 176K, revised from 155K. 

Federal Reserve Chair Jerome Powell participated in a panel discussion titled "Federal Reserve chairs: Joint Interview" at the American Economic Association's Annual Meeting, in Atlanta, while Congress passed bills to end the partial government shutdown starting two weeks ago, in order to fund several federal agencies until February 8. 

US Inventories 

The Energy Information Administration reported a deficit of 20 billion cubic feet in the week ending December 28 in US natural gas stocks, compared to a 48B drop in the previous week, while analysts expected a 43 billion decline. 

Total stocks are down to 2.705 trillion cubic feet from 2.725 trillion in the week ending December 21, making them below the total of the same period in 2017 at 3.155 trillion, while also below the five-year average at 3.265 trillion. 

Ripple fell over one percent, or $0.004 on Friday off November 21 highs for the seventh session out of 12, after marking two successive weekly gains in the previous two weeks. 

As of 07:45 GMT, Ripple slumped 1.07% to $0.3634, with an intraday low at $0.35840, and a high at $0.37434, with Ripple's market value receding to $14.45 billion. 

Ripple conceded its sport as the world's second biggest cryptocurrency to ethereum amid problems with the instant payment service RippleNet that rattled investor confidence. 

The Path of Ripple

It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing up to 90% of value on a violent selloff wave that stormed crypto assets this year. 

Ripple then reversed nearly 80% higher in only a few days in September on positive news for the cryptocurrency and its standing between major financial institutions.

Silver futures fell in American trade, snapping the longest winning streak since June 2014 while still heading for the third weekly profit in a row, as the dollar index fell off June 2017 highs. 

As of 07:29 GMT, silver futures due in March fell 0.52% to $15.71 an ounce off six-month highs, as the dollar index shed 0.13% to 96.15 off 1-1/5 year highs. 

Earlier US data showed the unemployment rate rose to 3.9% in December from 3.7% in November, which was the lowest since 1969, while analysts expected no change. 

US average hourly earnings rose 0.4% in December, beating estimates of 0.3% and up from 0.2% in November. 

The US economy added 312 thousand new jobs in December, the fastest such pace since February 2018, and beating estimates of 179K, and compared to November's 176K, revised from 155K. 

Federal Reserve Chair Jerome Powell participated in a panel discussion titled "Federal Reserve chairs: Joint Interview" at the American Economic Association's Annual Meeting, in Atlanta, while Congress passed bills to end the partial government shutdown starting two weeks ago, in order to fund several federal agencies until February 8. 

Oil prices rose over 2% to December 18 highs in American trade, with US crude climbing off June 2017 lows, while Brent bounced off July 2017 lows, as the dollar index backed off June 2017 highs. 

That comes following a spate of data from the US, the world's largest oil consumer and producer, including the EIA report on inventories, which showed no change. 

As of 06:52 GMT, US crude futures rose 2.07% to $47.86 a barrel, while Brent futures rallied 2.45% to $56.94, as the dollar index shed 0.13% to 96.15 off 1-1/5 year highs. 

Earlier US data showed the unemployment rate rose to 3.9% in December from 3.7% in November, which was the lowest since 1969, while analysts expected no change. 

US average hourly earnings rose 0.4% in December, beating estimates of 0.3% and up from 0.2% in November. 

The US economy added 312 thousand new jobs in December, the fastest such pace since February 2018, and beating estimates of 179K, and compared to November's 176K, revised from 155K. 

 Federal Reserve Chair Jerome Powell participated in a panel discussion titled "Federal Reserve chairs: Joint Interview" at the American Economic Association's Annual Meeting, in Atlanta, while Congress passed bills to end the partial government shutdown starting two weeks ago, in order to fund several federal agencies until February 8. 

US Inventories 

The Energy Information Administration reported no change in US crude stocks in the week ending December 28, while analysts expected a 2.8 million drawdown, with total stocks steadying at 441.4 million barrels, making them 8% above averages. 

Gasoline stocks rose 6.9 million barrels, making them 5% above averages, as distillate stocks, including heating fuel, rose 9.5 million barrels, making them 7% below averages for this time of year. 

UAE energy minister and current President of OPEC Suhail Al Mazruoi expressed his optimism in earlier remarks on achieving market balance in the first quarter of 2019 in result to OPEC's decision to cut output by 1.2 million bpd alongside some independent producers. 

Otherwise, earlier Russian data showed output reached 11.16 million bpd, a post-soviet record high and smashing the previous 2017 record at 10.98 million bpd. 

Russian energy minister Alexander Novak noted how unexpected US policies are the main drive before the volatility in the oil market in the last two years, with uncertainty surrounding India and China positions and the raging trade war that had a noticeable impact on the market. 

Novak noted how Russia will be capable to increase output to between 10 and 15 million bpd in the next two years, while expecting a drop in US output due to challenges facing its shale industry.

US Oil Rig Count 

Baker Hughes, a US services company, reported a drop of 8 rigs in the oil rig count to a total of 877 rigs. 

US production is up over 38.5% since mid-2016 levels to a total of 11.7 million bpd, passing Russia's levels to make America the world's top producer.