Oil And Gasoline Stage Dramatic Reversal
Energy futures turned a loss into a gain today, responding to conflicting reports from the American Petroleum Institute (API) and International Energy Agency (IEA).
January crude [CLF0>CLF0] tumbled more than one dollar and unleaded gas [HUF0>HUF0] also took a hit early in the session on Tuesday’s API report that showed supplies rising and demand falling. Wednesday the IEA issued a contradictory report stating that “stresses†were building in the global market. Crude ended .32 higher at 26.54, unleaded gas added .0039 to .7321 and heating oil [HOF0>HOF0] climbed .0082 to .6652.
From the Pullback Off Lows List, T-bonds [USZH0>USH0] seemed to front-run the move in oil by failing to rise as crude tumbled (Tuesday’s Labor Department report showed productivity rose at its fastest pace in seven years and wages declined for the first time in more than two years). The March contract fell 11/32 to 93 23/32.
Stock index futures took the day off. December Dow futures [DJZ9>DJZ9] fell 35 to 11060 and the S&Ps [SPZ9>SPZ9] declined 10.40 to 1405.40. NASDAQ 100 futures [NDZ9>NDZ9] failed to break through resistance at their recent 3228 high and ended the day down 46.50 at 3165.00.
December dollar index futures [DXZ9>DXZ9] fell .16 to 100.66 as March Swiss francs [SFH0>SFH0] and British pound [BPH0>BPH0] gained.
February gold [GCG0>GCGO] hit the skids, selling off 1.3 to 284.1 as the metal was unable to see any follow through from Tuesday’s 7.3 move up.
From the Multiple Days Low Volatility List, January soybeans [SF0>SF0] and soymeal [SMF0>SMF0] took a big step down, falling 8 1/4 and 2.9, respectively. March wheat [WH0>WH0], from the Implosion-5 List, fell 4 to 241 3/4.
Pork bellies [PBG0>PBG0] closed up their daily limit on strong demand for bacon and a strong cash market. The February contract rose 3.000 to 79.775. Lean hogs [LHG0>LHG0] also added .775 to 57.050.
March coffee [KCH0>KCH0] dropped for a second day, clipping 4.50 from its recent big gains to end at 129.10.
Finally, January orange juice [OJF0>OJF0] turned lower, losing 1.10 to end at 95.95.