Crude Oil Climbs As Inventories Fall
In today’s economic news,
the Labor Department reported that both the CPI and Core CPI rose in March
(report).
The rise in Core CPI was greater than economists expected.
Treasuries closed lower, after today’s inflation
data suggested the Fed may not be able to cease raising rates anytime soon, even
if it wants to.
The US Dollar Index continued to slide, falling to its lowest level since
September 05.
Crude Oil futures hit new highs as
inventories fall
The Energy Department’s EIA reported a drop in crude
oil inventories and gasoline inventories for the latest week
(report).
The news helped push June Crude Oil futures to a new all-time high for the third
consecutive day. Unleaded Gas and Heating Oil have been rallying in unison with
crude oil. Natural Gas has even sprung to life lately, gaining 20% in the past
four days, after testing multi-year lows.
Gold and Silver futures closed at new contract highs, Copper declined after the
release of inventory data.
All the softs except Sugar -0.51% closed higher, led by Lumber +3.07% and Orange
Juice +1.81%.
Economic News
Mortgage Bankers
Association’s Weekly Market Index Falls 1.7%; Purchase Index Down 2.5%, Refi
Index Down 0.4%
CPI Up 0.4% For March; Core CPI Up 0.3% (report)
EIA: Crude Inventories Dip 800,000 Barrels; Gasoline Inventories Down 5.4 Mln.
Barrels (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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