Energy Prices Dropping In Spite Of News
The bulls
have to be disappointed with Nov. crude oil
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level. Even factors like the massive
decline in US crude stocks, increased intensity of the hurricane and the US
moving closer to war did not have the expected impact on energy prices. After Hurricane Lili
weakened later in the session, Nov. crude closed at $29.70, down .06.Â
Nov.
heating oil
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Nov. unleaded gasoline
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the natural gas market, the Energy Information Administration reported that U.S.
natural gas inventories rose 47 BTUs last week, vs consensus of
a 43 BTU injection. The increase weakened today’s trade in the
Nov. contract
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Economic reports came in mixed today and the
news left futures mixed too. Better-than-expected data on the
factory and services sectors offset by a rise in jobless claims caused them to
chop and zigzag for most of the session before settling at lower levels.
This type of behavior is not surprising the day ahead of a jobs report to be released tomorrow morning.
With the better-than-expected ISM report, the Dec. S&P 500 futures
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SPZ2 never did challenge this level again. The SPZ2 dropped 10.00 or 1.20% to
close at 820.500. Read Carolyn Boroden’s Perspectives to see the key levels in
the SPZ2. To read Carolyn
click here.
The Nasdaq 100 futures for Dec.
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More losses mounted in the grains today with
wheat and corn dropping off from their highs. Dec. wheat
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its support line at 3.80 and dropped 7.50 cents to end at $3.75 a bushel.
Dec. corn
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1/4 a bushel down 1.75 cent. In soybean trading, the Nov. beans
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rallied up 1.75 cent to close at $5.38 1/4 a bushel.
In early trade, Dec gold
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started out positive, then weakened to close at $322.69 down .10 cents. Dec.
silver dropped .50 to close at $4.48 an ounce down .50. Dec copper
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