No Doubt
Just one day before OPEC
meets in Vienna to determine cartel output levels, energies gushed back to the
upside, in a move that reveals traders’ doubts about the resolve of OPEC to raise
production.
Helium Released From Natural Gas Balloon
Is this the beginning of the end for natural gas? Cooler
temperatures in the Northeast and moderating temperatures nationwide cut the
demand for spot natural gas as lower cash prices slashed into natural gas
futures.
Juice Spurts
Orange juice is rallying with the July contract moving to its highest level innearly six months. Juice has moved within a narrow range throughout 2000 andMondays action marks the first breakout from this range. A narrowing, andpotentially explosive pattern was picked up by the6/100 Low Volatility a
Gov’ Taps Stash, Oil Falters
In a rare move, the U.S. Department of Energy dipped into its Strategic Petroleum Reserve to prevent a Louisiana facility from running out of oil to refine into increasingly scarce gasoline.
Crude Cools Ahead Of Talks
Crude oil is off a hefty 2.5% early in the New York futures session, falling .75
to 32.20 after a minor OPEC oil minister (from Indonesia) said the cartel would
"stick to that agreement.
Burners On High Under Nat Gas
Natural gas spat flames again Thursday as multiple factors
converged to send the contract to its highest close in four years.
Coffee Sets Up For A Plunger
Expectations for a large increase in coffee supplies this afternoon by the Green
Coffee Association are sending coffee prices to their lowest price of the year.
Grains Remain Soggy
More Midwest wet continues to pressure soybeans, corn and wheat.
Gold Glitters But Can’t Shine
Gold attempted a retest of Tuesday’s spurt to a two-month
high, but was unable to take out yesterday’s resistance in slow trade.
OPEC Maxed, Sugar Still Sizzling
Oil prices have exceeded the $28 per OPEC barrel price band,
yet the rise in price has not triggered an automatic increase in the producing
group’s output.
CPI Cross-Currents
Interest rate futures fell, while stock index futures,
energies and Federal Funds futures rallied, presenting conflicting messages
going into Wednesday’s important Consumer Price Index Report.&
Sluggish Cartel Hypes Crude
The belief that any
production output increase by the Organization of Petroleum Exporting Countries
(OPEC) will be too little, too late jacked up the price of crude oil to its
highest price since March.