Are Higher Gas Prices In Your Future?
Stock index futures sold off Monday as domestic and
overseas activities continue to weigh down the U.S. markets. December Nasdaq
100 futures
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NDZ1 |
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PowerRating) lost 31.00 to 1567, with the Dow futures
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PowerRating) sliding 80 points to 9058. S&P futures
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in the red, falling 10.50 to 1129.50.
T-bonds
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PowerRating)Â enjoyed the flight to quality
out of stock index futures and equity markets, gaining 12 ticks to end the day
at 105 ’05 and 10-year notes
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PowerRating) added 085 to close at 108 165.
Both treasuries appear to be setting up into a pullback from lows.
Crude oil
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PowerRating) jumped amid reports of
Israeli attacks near the headquarters of Yasser Arafat’s PLO headquarters and
Russia’s agreement to cut production levels, as the price price per barrel rose
0.80 to 20.24. Heating oil
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PowerRating) also ended higher, gaining 0.0143
to 0.5602, as did unleaded gasoline
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PowerRating), rising 0.0259 to 0.5646.
Natural gas
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PowerRating) gave back 0.071 to close at 2.63.
In the meat complex, lean hogs
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PowerRating) and pork bellies
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PowerRating) sold off amid disappointing USDA data. PBG2 fell for the first time
in the last six trading days, closing down 2.25 at 76.85 while the LHZ1 contract
lost 1.20 to finish at 49.125. January feeder cattle
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FCF2 |
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PowerRating) rose
slightly on reported short covering, rising 0.350 to 84.875 and live cattle
(
LCZ1 |
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PowerRating)Â slipped 0.175 to 70.00.
Grains were mixed, with corn
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CZ1 |
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PowerRating) closing
above the 50-day moving average for the second straight session, up 1 1/4 to 209
3/4. January soybeans
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SF2 |
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PowerRating)Â rose 2 3/4 to 447 1/4, while soybean
oil
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PowerRating) appears to be making a run at the September highs, closing
up 0.50 at 16.64. Soy meal
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PowerRating) settled unchanged at 157.10 and
wheat
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PowerRating)Â was the lone contract in the red, down 1 3/4 to 209 3/4.
Currencies fell relative to December dollar index
futures
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PowerRating), which managed to gain 0.0014 to close at 1.4242. Euro FX futures
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PowerRating) slid 0.004 to 0.8914 amid news of the EU’s manufacturing woes
continue, dropping for the eighth month in succession. The Japanese yen
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PowerRating) fell 0.0000035 to end the session at 0.008068 and the Canadian
dollar
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PowerRating)Â lost 0.0007 to 0.6349. DXZ1 ended the day up
Softs were distributed in Monday’s trading, with cocoa
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PowerRating) beginning to pull back after its recent strong run. CCH2 lost 32
points to close at 1307. March coffee
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KCH2 |
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PowerRating)Â weakened as selling put
a halt to an opening gap higher, dropping the contract 0.10 to 46.10. Orange
juice
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PowerRating) is nearing the apex of its triangle, down 0.20 to 94.90,
while sugar
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PowerRating) lost 0.04 to 7.64. March cotton
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PowerRating)Â pulled back for the first day following a strong four-day run,
losingÂ
Gold
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PowerRating) is thrusting out of a low level
consolidation, gaining 3 points to close at 276.9, and silver
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PowerRating)
also managed a positve close, up 0.072 to 4.20. December copper
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PowerRating)Â fell into negative territory, sliding 0.018 to 70.40.