What Pushed Oil Higher Today?

The equity markets finished
mixed, as the Nasdaq moved higher and the Dow finished lower.

Elsewhere, Treasuries and oil posted sizable gains
while the dollar reversed yesterday’s move.

Equities

Equities were mixed today after the Dow reversed
yesterday’s gains while the Nasdaq, though up on the day, pulled back from its
highs. The tech heavy Nasdaq future
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was up .50 to close at 1179.50. The S&P 500 contract
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was
down by .20 to finish at 949.00,
and the Dow
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was down by 59.00 to finish at 8713.

Fixed Income

Treasuries had their first up day in four as a
result of softer than expected labor market data. The 10 year futures contract
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was
up -195 to close at 119-025; the 30 year
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was up 1-02 at 120-19; and the five year note was up 125 at 116-150
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.

Metals

July gold was unchanged, despite a weaker dollar
and was unchanged at 369.60
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;
silver
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was down by .50 to close at 4.570. The base metals were
mixed, as copper was down .20 at 77.05
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, and aluminum
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was
up .0030 to close at .6530.

Energy

Crude oil was higher after gasoline inventories
posted a bigger-than-expected draw-down. June crude was up .14 cents to
close at 29.24
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. And natural gas was down by .020 to
close at 5.925
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.

Currencies

The dollar gave back some of yesterday’s gains. The USD index
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was
down by .74 and
finished at 92.84.