The First Time Since September…
Oil futures pulled back Wednesday in the midst
of a surge in U.S. stockpiles, but continued concern over the violence in the
Middle East kept prices near six-month highs.
At Midday, crude-oil futures were trading at $27.57 a barrel on the New York
Mercantile Exchange, down 14 cents from Tuesday’s close, which was the highest
since Sept. 18. Prices spiked above $28 a barrel on Tuesday for the first time
since September as tension mounted in the Middle East. May crude oil
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Meanwhile, May unleaded gasoline
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cents a gallon; May heating oil
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cents a gallon.
Prices had fallen sharply earlier in the session as traders reacted to supply
data that showed a big increase in inventories. But the losses were damped by
Egypt’s announcement it had severed all ties with Israel except diplomatic
contacts that could help Palestinians. The news added to the strain in the
region, where the escalating Israeli-Palestinian violence and Iraq’s call for an
oil embargo by Arab nations have fueled a big price jump.
Crude-oil prices have risen nearly 25% in the past month, and many market
participants question whether that is too far too fast, especially as major Arab
states have resisted using oil as a weapon.
In the futures market, The June S&P 500
futures
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Point at 1133.37. The S&P futures for June ended at 1130.300 down 7.80.
The June Dow Futures
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below the S2 Pivot Point at 10236. The Dow futures for June closed at 10233.000
down 80.00.
The June Nasdaq 100
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have made a 20-day new low, closing at 1413.500 down 1.00.
June gold
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its gains today, falling below the $305.00 an ounce level. Gold closed at 303.50
down 3.50. Support is at $300.00. May silver
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today, falling 8.00 to 466.700. And copper for May
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to 74.25.
The grains dropped on the day. May soybeans
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lost 2 1/2 cents to $2.01 1/4 and May wheat
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cent to $2.83 a bushel.
May cocoa
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weakness today as prices have fallen since failing to hold above resistance of
15.00 basis May. May options will be expiring this Friday, April 5th. Spread
trading has been active ahead of first notice day for the May contract on April
17th. Support for May is at 14.70. Resistance is at 15.00. May cocoa closed at
$14.79 down 9.000.
May
coffee
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down .10. Prices have rallied almost 700 points since making a low of 52.80
basis May on 3/25. This market looks overbought and could be due for a
correction. The market looked like it was going to correct today on the open as
fund and speculative selling pushed prices about 150 points lower. The market
was able to hold support at 57.50, which was also yesterday’s low. There is now
a double-bottom at this point. Speculative buying supported prices from this
level and into the close. The market has rallied in the last week on strong
technical action and the lack of producer selling. Support for May comes in at
57.50. Resistance is at 60.00.
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