Oil And Gas Prices Spike Higher
Oil and gas futures jumped sharply
higher today ahead of the weekly inventory data and following
earnings news from British Petroleum
(
BP |
Quote |
Chart |
News |
PowerRating) (more)
that included a damage report on its Thunder Horse rig in the Gulf of Mexico.
The rig will not be able to re-start production until the second half of 2006,
more than six months late.
Crude oil jumped more than $2 and Natural Gas closed almost
10% higher. Gold jumped more than $7 on the spike in energy prices and its
inflationary impact.
US treasuries declined across the yield curve today along with
the Dollar Index fell more than 1% after today’s disappointing Consumer
Confidence number (report).
Existing Home Sales (report)
came in slightly ahead of expectations but failed to generate much interest in
the markets.
Orange juice continued to climb as damage reports from
hurricane Wilma began to reach the market. Sugarcane was reportedly damaged
severely which led to a jump in sugar futures.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 62.44 | +2.12 |
+3.51 |
| Heating Oil (HO) | 193.26 | +8.55 |
+4.63 |
| Unleaded Gas (HU) | 169.97 | +6.69 |
+4.10 |
| Natural Gas (NG) | 14.48 | +1.30 |
+9.89 |
|
Metals |
|||
| Gold (GC) | 474.40 | +7.70 |
+1.65 |
| Silver (SI) | 782.50 | +11.70 |
+1.52 |
| Copper (HG) | 182.45 | +4.00 |
+2.24 |
|
Grains |
|||
|
Corn (C) |
199.50 | 0.00 | 0.00 |
| Wheat (W) | 325.50 | +2.25 |
+0.70 |
| Soybeans (S) | 590.25 | +2.75 |
+0.47 |
|
Softs |
|||
| Sugar (SB) | 11.82 | +0.17 |
+1.46 |
| Coffee (KC) | 103.70 | +0.55 |
+0.53 |
| Cocoa (CC) | 1403.00 | -5.00 |
-0.36 |
| Frozen Orange Juice (JO) | 117.85 | +3.45 |
+3.02 |
| Cotton (CT) | 55.23 | +1.20 |
+2.22 |
| Lumber (LB) | 292.80 | +2.90 |
+1.00 |
|
Livestock |
|||
| Lean Hogs (LH) | 61.20 | +0.25 |
+0.41 |
| Live Cattle (LC) | 90.70 | +0.70 |
+0.78 |
Economic News
ICSC-UBS Store Sales:
W/W Change – Actual -0.2%
Consumer Confidence:
Actual 85.0 Consensus 89.0
Existing Home Sales:
Actual 7.280 Mln Consensus 7.250 Mln
Ashton Dorkins