Natural gas futures tumbled six percent in American trade to November 2 lows, on track for the third weekly loss in four, while the dollar index plumbed December 20 lows. 

That comes after a slew of US data, including the EIA report that showed a reduced inventory drawdown last week. 

As of 07:53 GMT, natural gas futures due in January tumbled 5.79% to $3.30 per million British thermal units, plumbing eight-week lows, while the dollar index slipped 0.10% to 96.39, hitting week lows. 

US Inventory Data 

The Energy Information Administration reported a drawdown of 48 billion cubic feet in US natural gas stocks in the week ending December 21, compared to a 141 billion drop in the previous reading, while slightly below estimates of 50 billion. 

Total stocks are down to 2.725 trillion cubic feet from 2.773 trillion in the week ending December 14, making them below the total of the same period in 2017 at 3.348 trillion, while also below the five-year average at 3.372 trillion. 

Other US data showed the Chicago PMI receded to 65.4 from 66.4 in November, still edging estimates of 61.4. 

US pending home sales fell 0.7% m/m in November, improving on a 2.6% monthly drop in October, while still missing expectations of a 1% increase, as sales fell 7.7% y/y, sharpening a 4.7% yearly drop in October. 

Ripple spiked 13%, or $0.05 on Friday off September 18 lows for the eighth session out of 14 on active short-covering following a recent crypto selloff wave, with Ripple heading for second weekly and third monthly gains. 

As of 07:30 GMT, Ripple rallied 13.08% to $0.39300, with an intraday high at $0.38989, and the lowest since December 18 at $0.35052, with Ripple's market value amounting to $14.18 billion. 

Ripple is up 9% this week, marking the best since November 21 before declining the last three sessions and paring gains. 

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 rose in American trade to August 10 highs on track for the second weekly profit in a row, and the best since August 2017, as the dollar index plumbed December 20 lows, following earlier data from the US. 

As of 07:21 GMT, silver futures due in March rose 0.69% to $15.40 an ounce, marking four-month highs, while the dollar index shed 0.05% to 96.43, marking week lows. 

Earlier US data showed the Chicago PMI receded to 65.4 from 66.4 in November, still edging estimates of 61.4. 

US pending home sales fell 0.7% m/m in November, improving on a 2.6% monthly drop in October, while still missing expectations of a 1% increase, as sales fell 7.7% y/y, sharpening a 4.7% yearly drop in October. 

US President Donald Trump said in earlier remarks that the government shutdown will carry through until a funding deal for his border wall is achieved, setting for a potentially long battle with Democrats. 

Oil futures tilted lower in American trade to near 16-month lows, resuming the losses after surging 8% on Wednesday, which was the best performance since November 2016. 

The dollar index plumbed December 20 lows following a spate of data from the US, the world's largest oil consumer and producer, including the pivotal EIA inventory report. 

As of 06:54 GMT, US crude futures due in February fell 0.29% to $45.31 a barrel, while Brent slid 0.93% to $53.18 a barrel, as the dollar index inched down 0.09% to 96.39. 

The Energy Information Administration reported no change in US crude stocks in the week ending December 21, compared to a 0.5 million drop in the previous reading, while analysts expected a 2.9 million drop, with total stocks steadying at 441.4 million barrels, still 7% above five-year averages. 

Gasoline stocks rose 3 million barrels, marking them 4% above averages, while distillate stocks, including heating fuel, were unchanged, making them 11% below averages. 

Other US data showed the Chicago PMI receded to 65.4 from 66.4 in November, still edging estimates of 61.4. 

US pending home sales fell 0.7% m/m in November, improving on a 2.6% monthly drop in October, while still missing expectations of a 1% increase, as sales fell 7.7% y/y, sharpening a 4.7% yearly drop in October. 

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.

Otherwise, OPEC Secretary General Muhammad Barkindo said OPEC will public data on the voluntary quotas for production cuts for each member and producer outside the organization according to the latest deal as a measure of transparency. 

Actual cuts according to Barkindo amount to 3.02%, past the 2.5% cut already discussed at first, while praising Saudi Arabia's pledge to decrease output to 10.2 million bpd in January past its own quota. 

Otherwise, Saudi oil minister Khalid Al Falih noted how current oil prices aren't linked to fundamental changes in the market but rather to politics and economic prospects, in addition to speculation.

Al Falih believes oil inventories will starting falling by the end of the first quarter in 2019, adding OPEC is committed to cut output by 3%, while independent producers will cut 2%. 

US Oil Rig Count 

Baker Hughes, a US oil services company, reported an increase of 2 in the rig count to 885 rigs last week, while marking a 2-rig decline this month, the first such monthly decline in six months.