Crude Oil Hits $60
Oil and gas futures extended
yesterday’s selloff as hurricane Wilma was downgraded to a category-4 storm
and is not expected to cause further damage in the Gulf of Mexico. Energy
futures were also pressured by news released by the Department of Energy that
Natural Gas supplies were up 75 Bln cubic feet last week.
Southern Florida remains on alert as the storm is forecast to
pass through that region. Orange juice pulled back from yesterday’s 6-year high
as Wilma’s path may not cause as much damage as feared in the central Florida
fruit growing region.
The US Dollar Index and treasuries were virtually unchanged on
the session. Gold continued to fall, pulling back from last week’s 18-year high.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 60.00 | -1.51 |
-2.45 |
| Heating Oil (HO) | 189.25 | -5.26 |
-2.70 |
| Unleaded Gas (HU) | 163.75 | -5.62 |
-3.32 |
| Natural Gas (NG) | 13.26 | -0.60 |
-4.33 |
|
Metals |
|||
| Gold (GC) | 463.20 | -2.60 |
-0.56 |
| Silver (SI) | 766.00 | +2.00 |
+0.26 |
| Copper (HG) | 179.30 | -1.30 |
-0.72 |
|
Grains |
|||
|
Corn (C) |
203.00 | +1.25 |
+0.62 |
| Wheat (W) | 332.25 | +4.50 |
+1.37 |
| Soybeans (S) | 598.00 | -2.25 |
-0.37 |
|
Softs |
|||
| Sugar (SB) | 11.63 | -0.09 |
-0.77 |
| Coffee (KC) | 105.70 | +1.65 |
+1.59 |
| Cocoa (CC) | 1368.00 | -24.00 |
-1.72 |
| Frozen Orange Juice (JO) | 110.80 | -1.00 |
-0.89 |
| Cotton (CT) | 53.21 | -1.08 |
-1.99 |
| Lumber (LB) | 295.50 | +2.00 |
+0.68 |
|
Livestock |
|||
| Lean Hogs (LH) | 60.22 | -0.85 |
-1.39 |
| Live Cattle (LC) | 90.55 | +0.12 |
+0.14 |
Economic News
Jobless Claims:
Initial Claims – Actual 355 K Consensus 390 K
Leading Indicators:
M/M Change – Actual -0.7% Consensus -0.4%
Philadelphia Fed Survey:
General Business Conditions – Actual 17.3 Consensus 10.0
Ashton Dorkins