What Moved The Energy Markets Today
Treasuries were higher today
as the markets jockey for this week’s
heavy auction schedule, and equities were mixed on better-than-expected data.
Equities
Equities were mixed today after a better-than-expected showing in the ISM non manufacturing index (which accounts for 85% of
the US economy) helped the tech sector. The Index rose above the boom bust 50
level to 50.7 from 47.9 the month before. The Nasdaq index futures contract
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down .70 to finish at 926.70,
and the Dow
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finish at 8515.
Fixed Income
Treasuries reversed their losses from the
beginning of the session to close on firm footing. The 10 year futures contract
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to close at 113-29; and the five year note
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at 113-220.
Metals
Gold
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dollar and equities and was up by 1.3 to finish at 342.60. And
silver
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PowerRating) was up by 1.8 to finish at 4.802 The industrial metals are
still hung over from last weeks flimsy global manufacturing data. As a result,
copper
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Energy
Technical buying of Natural gas futures by funds
exaggerated moderately bullish fundamental (supply) factors in the commodity. As
a result, the futures
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crudeÂ
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still remains extremely cheap on a relative basis to natural gas.
Currencies
The dollar was lower today as rumors of
politically motivated sales of US financial instruments by Middle Eastern
investors weighed on the greenback. These rumors were fueled by a Treasury
report that revealed significant selling of government issues by Gulf countries
before and during the War in Iraq. The USD index
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PowerRating) was down by .42 and
finished at 96.52.