Globally, there was a significant amount of data to be released featuring GDP readings from many Euro Zone nations, retail sales from China and the United States and then EIA inventories later today. These economic data points are important when considering the demand factor in the price discovery of energy products.
The U.S. Comex gold futures dropped $11 in the past two days and ended at $1,182.20 on Thursday. While the gold futures were up 0.66% for the week, the S&P 500 Index dropped 0.89%, the Euro Stoxx 50 Index fell 1.20%, and the U.S. Dollar Index declined 0.69%.
Crude oil prices moved higher after the EU upped its growth forecast the day after the Saudi Foreign Minister Abdel Jubeir said the Saudi led coalition would consider ending airstrikes in Yemen for humanitarian reasons.
Retail gasoline prices have hit their high for the year, but the news is not all bad. Despite the fact that AAA says prices have risen 17 cents a gallon, hitting $265 per gallon, prices are a lot lower than a year ago--and taking into consideration the fact that crude oil prices have soared, it could have been a lot worse.