Why Oil And Gold Should Still Be Watched Closely
In today’s energy markets, the European Union
energy chief will press the Organization of Petroleum Exporting Countries
(OPEC) to bring oil prices below $28 a barrel and ensure price “stability,” an
aide said Wednesday. “When the price of oil goes from $17 to $30 a barrel in a
matter of days, it’s pure speculation,” said Gilles Gantelet, the E.U.
Commission’s chief energy spokesman. “In diplomatic terms, we must tell OPEC
that they must intervene to keep prices more stable.” This according to Dow
Jones Newswire.
There was more talk here in the US about how to deal with
Saddam Hussein and Iraq if they do not fully comply with the U.N. Resolution to
inspect for weapons of mass destruction. The tone still makes for a shaky oil
market. Nov. crude oil
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$29.67 a barrel. This was a .36 gain for crude. Crude’s tone set up positive
movement for other energy commodities. Oct. unleaded gasoline
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gained 2.16 cents, or 2.79%, to 79.81 a gallon. Oct. heating oil
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rose 1.62 cents, or 2.10%, to close at 78.90 a gallon, and Oct. natural gas
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Patient traders in two of the major index futures
— Dec. S&P 500
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rewarded in the last couple hours of trading when the two rallied up nicely then
reversed and dropped off. A classic money up/money down opportunity. The markets
were on shaky ground from the get go when JP Morgan
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they will cut estimates for 2002-03 and that they will come in below Q3
estimates. This immediately turned the Brokerage and Bank sector negative.
Separately the night before, Oracle
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but revenue was light. Oracle’s recovery could be slower than previously
thought.
The SPZ2 dropped 10.30 to close at 863.00, which
marks the low for September. The Dec. Nasdaq 100 closed at 883.00 down 10.50, or
1.39%.
In the grains, Dec. wheat
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continued to rally from the pullback from high. Wheat closed at $4.14 a
bushel, up 8 3/4 cents, or 2.16%. Corn and soybeans did not fare as well. Corn
for Dec.
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And Nov. soybeans
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In the metals, Dec. gold
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enjoyed a decent day by rallying up from the recent pullback from highs to
close at $321.89 a troy ounce, up 3.70, or 1.16%. Dec. silver
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4.20 cents. Dec. copper
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