Crude Surges On Tight Supplies
The American Petroleum Institute’s weekly (API) report showed oil inventories reached a three-year low after trading closed on Tuesday, spurring a rally in energies trading Wednesday. Nearby crude oil futures and its products are up more than 2.2%.
March dollar index futures are extending a week-long rally, rising to match their four-month high of 102.35. Low inflation and government data showing brisk retail sales as well as expanding industrial output are painting a picture of an ideal economic climate, benefiting the greenback. Dollar futures are the leading contract on the Momentum-5 List. British pounds are taking the biggest hit against the buck, falling as the Euro re-approaches all-time lows.
Stock index futures are turning around in late-morning trading and are going positive. Nasdaq 100 futures and Dow futures are also on the Momentum-5 List.
Here are the highlights around noon Eastern time:
Stock Index and Bond Futures•March T-bonds [USH0>USH0]: -1/32 to 93 0/32
•March S&Ps [SPH0>SPH0]: +1.90 to 1427.00
•March Dow futures [DJH0>DJH0]: +40.0 to 11,350.0
•March NASDAQ 100 futures [NDH0>NDH0]: +14.00 to 3238.00
Currencies
•March dollar index futures [DXH0>DXH0]: +.27 to 102.20
•March British pounds [BPH0>BPH0]: -.0056 to 1.6072
Energies•January crude [CLF0>CLF0]: +.65 to 26.38
•January unleaded gas [HUF0>HUF0]: +.0154 to .7130
•January heating oil [HOF0>HOF0]: +.0154 to .6750
•January natural gas [NGF0>NGF0]: -.035 to 2.550
Metals•February gold [GCG0>GCG0]: +3.4 to 285.4
•March silver [SIH0>SIH0]: +1.5 to 524.4
•March copper [HGH0>HGH0]: +1.00 to 81.85
Grains•March wheat [WH0>WH0]: +1/2 to 241 3/4
•January soybeans [SF0>SF0]: -3/4 to 452 1/4
Meats•February pork bellies [PBG0>PBG0]: +.900 to 77.550
•February lean hogs [LHG0>LHG0]: +.225 to 56.300
Softs and Fibers•March cocoa [CCH0>CCH0]: +3 to 845
•March coffee [KCH0>KCH0]: +3.50 to 126.00