Crude Oil Hits 4-Month Low
Crude Oil hit a 4-month low as
analysts predicted tomorrow’s inventory data will show a large build up in
supplies. Unleaded Gasoline and Heating Oil joined the selloff,
extending their downtrends.
In economic news; Wholesale Prices showed a notable increase,
while Retail Sales fell less than expected and New York manufacturers saw improved
business conditions.
October PPI rose 0.7%, Core PPI fell 0.3% (report).
October Retail Sales fell 0.1%, Ex-Autos rose 0.9% (report).
NY Empire State Index was 22.8 (report).
For reports and analysis, including highlights of
Ben Bernanke’s testimony, go to our
Economic
News section.
The US Dollar Index closed virtually unchanged, while
Treasuries closed higher on the session.
The manufacturing news helped boost the price of Copper, which
hit a new all-time high for the fourth consecutive day. The BBC reported that a
trader in China racked up a huge loss in the copper market (full
article).
Apart from energy, the major commodity movers were Sugar and
Coffee with both heading opposite directions. Sugar hit a new contract high
after the International Sugar Organization forecast a large shortfall for
2005/6. Coffee closed at its lowest level in over a month on expectations of a
large harvest.
Go to the
TradingMarkets
Indicators page for help with your nightly trading research. The
TradingMarkets Implosion list went 5 for 5 today (Heating Oil, Unleaded
Gasoline, Crude Oil, Wheat and Cotton).
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 57.61 | -0.90 |
-1.54 |
| Heating Oil (HO) | 175.24 | -4.78 |
-2.66 |
| Unleaded Gas (HU) | 151.87 | -3.85 |
-2.47 |
| Natural Gas (NG) | 12.33 | +0.05 |
+0.40 |
|
Metals |
|||
| Gold (GC) | 469.00 | -0.10 |
-0.02 |
| Silver (SI) | 778.70 | +0.50 |
+0.06 |
| Copper (HG) | 193.20 | +1.85 |
+0.97 |
|
Grains |
|||
|
Corn (C) |
209.75 | -1.00 |
-0.47 |
| Wheat (W) | 323.25 | -3.25 |
-1.00 |
| Soybeans (S) | 592.25 | -1.25 |
-0.21 |
|
Softs |
|||
| Sugar (SB) | 12.04 | +0.28 |
+2.38 |
| Coffee (KC) | 100.20 | -3.10 |
-3.00 |
| Cocoa (CC) | 1351.00 | -5.00 |
-0.37 |
| Frozen Orange Juice (JO) | 120.15 | -1.30 |
-1.07 |
| Cotton (CT) | 53.43 | -0.44 |
-0.82 |
| Lumber (LB) | 335.00 | +3.90 |
+1.15 |
|
Livestock |
|||
| Lean Hogs (LH) | 67.15 | -0.15 |
-0.22 |
| Live Cattle (LC) | 94.48 | +1.02 |
+1.10 |
Economic News
ICSC-UBS Store Sales:
W/W Change – Actual -0.6%
NY Empire State Index:
General Business Conditions – Actual 22.8 Consensus 17.0
Producer Price Index:
PPI, M/M Change – Actual 0.7% Consensus 0.1%
Core PPI, M/M Change – Actual -0.3% Consensus 0.3%
Retail Sales:
Retail Sales, M/M Change – Actual -0.1% Consensus -0.6%
Retail Sales (ex autos), M/M Change – Actual 0.9% Consensus 0.3%
Ashton Dorkins