Why Oil Was Choppy Today
The markets finished mixed
today on the back of lighter-than-normal volume. The energy markets were back
and forth today, as early reports about a possible OPEC production cut sent
prices higher, then news about sooner-than-expected Iraqi oil production sent
prices back down.
Equities
Equities finished mixed today as the tech sector
finished lower, taking the Nasdaq with it; the future
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1.50 to close at 1049.00. Meanwhile, the S&P
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and the Dow
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Fixed Income
US Treasuries rose for the
first day in three, as some investors speculated the economy will remain sluggish
even after the war ends. The 10 year contract
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was up 0-185, closing at 114-085; the 30 year
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closing at 111-26; and the five year note finished
up 0-130 to close at 112-030
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Metals
The base metals gave back some of yesterday’s
gains amid speculative account selling. And copper was down .60 to finish at 72.25
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.6355. Gold was higher by .70 finish at 322.90
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Energy
Crude oil was little changed today as OPEC called
a meeting for April 24 to consider a production cut after prices have tumbled
28% from the highs. Crude was down .06 cents to close at 27.90
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Natural gas futures fell in late trading amid speculation that higher US Midwest
temperatures will curb beating demand. And the commodity was down .034 and
closed at 5.100
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Currencies
The US dollar had a bit of a rest today and
finished slightly lower across the board. The USD index
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.44 today and
finished at 101.04.