This morning in metals news: the March 2021 Monthly Metal Outlook (MMO) report is out; meanwhile, annual natural gas production declined in 2020; and, finally, pending home sales declined in January.
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March 2021 MMO report
Every first of the month, MetalMiner publishes its Monthly Metal Outlook forecast report, available only to subscribers.
The report includes buying strategies for 10 key metals: aluminum, copper, zinc, tin, lead, stainless/nickel, HRC, HDG, CRC and plate.
For more information about the monthly report and how to subscribe, visit the MMO landing page.
Natural gas output down
Natural gas production fell 1% in 2020, the Energy Information Administration (EIA) reported.
“U.S. natural gas production—as measured by gross withdrawals—averaged 111.2 billion cubic feet per day (Bcf/d) in 2020, down 0.9 billion Bcf/d from 2019 as result of a decline in drilling activity related to low natural gas and oil prices in 2020,” the EIA reported.
Pending home sales slip in January
Pending home sales in January fell 2.8% from the previous month, the National Association of Realtors (NAR) reported.
However, sales rose 13% compared with January 2020.
“Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” said Lawrence Yun, NAR’s chief economist. “That said, there has been an increase in permits and requests to build new homes.”
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