Crude And Gold Hit Contract Highs Before Falling
In today’s economic news,
the Labor Department reported Initial Jobless Claims fell last week, the drop
was more than economists expected
(report).
and the Federal Reserve Bank of Philadelphia
reported regional manufacturing activity increased in April but the increase was
less than economists expected
(report).
Treasuries closed lower for the second
consecutive day. The yield on the 10yr T-note hit its highest level since June
02, boosted by today jobless claims data.
The US Dollar Index halted a three day slide, erasing yesterday’s losses in the
process. The Dollar was strong across the board, rising against all the majors.
Crude Oil futures ease back after
extending record highs
June Crude Oil futures hit a new record high before
easing back and closing slightly lower on the session. The May crude oil
contract expired today, settling at $71.95. Unleaded Gas and Heating Oil also
pulled back today.
The EIA reported Natural Gas stockpiles were up and Natural Gas futures
responded by ending their four day win streak.
Gold futures near $650 an ounce
before drop
June Gold rose as high as $649 an ounce (a new contract high)
before reversing sharply and closing at $623.10 after trading as low as $610.05.
Silver also hit a new contract before losing more $2 to erase the past five days
of rising prices.
Staying in the metals:
Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating) reported Q1 earnings of $206 Mln versus $84 Mln a year
ago (full
story).
Nucor Q1
(
NUE |
Quote |
Chart |
News |
PowerRating)Â profit rose on higher steel production (full
story).
Reliance Steel & Aluminum
(
RS |
Quote |
Chart |
News |
PowerRating) Q1 profit jumped 55%, boosted by strong demand
(full
story).
AK Steel Holding Corp.
(
AKS |
Quote |
Chart |
News |
PowerRating) said that it will increase prices for zinc
coatings by a minimum of 40%, effective with new orders for shipment on June 1,
2006 (full
story).
Economic News
Initial Jobless Claims
Down 10,000 To 303,000 (report)
EIA – Natural Gas Up 47 BCF
April Philadelphia Fed Factory Index At 13.2 (report)
Philly Fed – Employment Index 21.7
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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