Will You Pay More At The Pump If The US Invades Iraq?
The energy markets were mixed today, with
crude oil giving back some of its recent gains. Many experts are talking back
and forth about the “what ifs” of an assault on Iraq. All of this ahead of the
OPEC meeting in Japan next week. The US is pushing OPEC to increase the
production of oil ahead of the winter months. A possible war with Iraq could
increase he price of oil to as much as $40 a barrel according to one expert
featured on Bloomberg Television. Oct. crude oil
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cents to $29.67 a barrel. Oct. unleaded gasoline
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or 1.69% to 79.20 a gallon. Oct. unleaded gasoline
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.22 to 78.45 a gallon. Oct. natural gas rose .04 to 3.50, an increase of 1.24%.
On one of the slowest days of the year, the
markets chopped back and forth and by the end of trading, the Dec. S&P 500
futures
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the lows of the day (878.60), SPZ2 reversed and trended up to the positive zone
and stayed there until the close.
News that tech stocks are overrated weighed
on the tech-heavy Nasdaq 100 today. The Dec. Nasdaq 100
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dropped 14.00 to end at 915.00.
In the Treasuries, Fannie May was reported as
buying up Dec. 10-year notes
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Dec. 30-year bond
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At the Chicago Board of Trade (CBOT), where
grains and beans are traded, positive rallies were posted. Dec. corn
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moving average. Corn closed at $2.75 1/4, up 2 1/2 cents. Dec. wheat
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2.23% to $4.01 1/2 a bushel. Nov. soybeans
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1.46%, to close at $5.73 1/2.
In the metals, Dec. gold
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.40 to $318.50 a troy ounce. December silver
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cent to close at $4.57 an ounce; and Dec. copper closed down 1.05 to 68.95 a
pound.