Crude Surges On Tight Supplies
The American Petroleum Institute’s weekly (API) report showed oil inventories reached a three-year low after trading closed on Tuesday, spurring a rally in energies trading Wednesday. Nearby crude oil futures and its products are up more than 2.2%.
Strong Retail Numbers Take Bite Out Of Bonds
March T-bonds [USZH0>USH0] plunged following the release of stronger-than-expected retail sales data. The bonds ignored this morning’s surprisingly weak Consumer Price Index (CPI) data and tumbled 1 9/32 to 93 1/32.
Strong Retail Numbers Spur Bond Selling
Despite Consumer Price Index (CPI) data showing practically no inflation last month, T-bonds are taking their biggest tumble in weeks. Stronger-than-expected retail sales figures have traders worried that the Fed may raise interest rates to cool down the hot economy, and bond prices for the March contract are down more than 1%.
Beans Fall With Brazilian Rain
Rainfall in Brazil’s principal growing regions solidified the view that the soybean crop from the world’s second largest exporting nation will be large, pressuring prices and sending beans to a four-month low.
Soybeans And Coffee Fall Again Along With South American Rains
Soybeans are trading at a four-month low on news that rains have soaked up to 70% of the principal growing regions in the second largest exporting nation, Brazil. From the Implosion-5 List, soybean oil is also under pressure and trading at a four-month low.
Falling Oil And Inflation Spurs Bond And Stock Index Rally
Lower oil prices and benign Producer Price Index (PPI) data temporarily alleviated fears about inflation and sparked a rally in T-bonds [USH0>USH0] that left the March contract 23/32 higher at 94 21/32.
Oil Slumps Ahead Of Vote
Crude oil and its products are down ahead of a United Nations vote to extend Iraq’s oil-for-food deal scheduled for later today.
Brazilian Rain Soaks Coffee And Soybeans
Wet weather in Brazil improved the forecast for a good harvest in both the coffee and soybean crops, sending both commodities sharply lower.
Coffee Extends Losses
Coffee is off 4.5% in Thursday trading, extending a five-day losing streak that has seen the commodity decline 20% from its peak on Dec. 2. Rains in Brazil have improved the outlook for the coffee harvest in the world’s largest producing country.
Oil And Gasoline Stage Dramatic Reversal
Energy futures turned a loss into a gain today, responding to conflicting reports from the American Petroleum Institute (API) and International Energy Agency (IEA).
Gasoline Tanks On More Supply, Lower Demand
The weekly American Petroleum Institute report released after the close of New York trading Tuesday showed gasoline supplies jumping unexpectedly while consumer demand for the product fell 18%.
T-bonds Buoyed By High Productivity
March T-bonds [USH0>USH0] closed at a nine-day high, rallying 15/32 to 94 2/32 on a Labor Department report that showed productivity rose at an upwardly revised rate of 4.9%, the fastest pace in seven years.