How Oil Reacted To Looting In Iraq
The markets were barely moved
today ahead of the long weekend, and it seems as though most “players” made
their trades yesterday.
Equities
Equities eked out another day of gains on below-average volume ahead of the long weekend. The Nasdaq future contract
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up by 1.30 to finish at 932.00,
and the Dow
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Fixed Income
Due to the shortened session, Treasuries had most
of their fun yesterday and were barely changed today The 10-year futures contract
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up 005 to close at 118-26; the 30-year
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was up 04 at 121-09; and the five-year note was down 010 at 116-005
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Metals
The metals, too, were barely moved in today’s
uneventful session. The July gold contract was up a meager .70 to close at 368.80
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silver
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at 76.70
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Energy
The petroleum market ended higher, although well
below session highs. Traders reacted to mounting concerns that Iraqi oil
production will be significantly crimped as a result of rampant looting. June crude
was up .31 cents to
close at 29.16
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close at 6.119
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Currencies
Ignoring signals from the European Central Bank
that it is mulling a rate cut in the sessions ahead, the market pushed the
dollar lower today and it appears that the market won’t be happy until the euro/usd
dollar hits 1.20. The USD index
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finished at 93.13.