Half Tank Of Supreme

  • August 30, 2000
  • Marc Dupee

Contracts in the oil patch did an about-face after an
initial plunge, falling and then rising on speculation about the possible
actions of the committee that oversees oil policy in Saudi Arabia. The
Saudi Supreme Petroleum Council (SPC) met Wednesday to discuss ways to lower oil
prices and traders dumped positions early in the session in anticipation of any
proposals to increase global supply. Crude and heating oil tailed off as much as
1.5% each and then rebounded in the second half of the session after the Council
said there would be a “suitable increase in production.” News that a
large pipeline in Ecuador broke also aggravated concerns about steady
supplies. 

The ambiguity of the statement cast a bullish tone, and crude oil
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33.29. Heating oil
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unleaded gasoline
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Momentum-5
List) powered .0236 higher to .9340. Natural gas
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at 4.801.

Stock index futures closed down, retracing gains that
have taken contracts to swing high levels. Three signals from the
Market
Bias Indicators Page left a strong hint that index futures could decline.
September S&P futures
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NASDAQ 100 futures
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Dow futures
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Grains corrected after running up from contract and
multi-year lows. Corn registered a Turtle Soup Plus One
Sell setup and reversed off a 20-day high to make good on the signal and
close 2 3/4 lower at 193 3/4. December wheat
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on low weekly export figures to finish 4 1/2 lower at 264 1/4. 

Also in the Turtle Soup Plus One
Sell department, cotton
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back from contract highs and made good on its setup to close .54 lower at
66.63. Â