Crude Oil Drops On Inventory Data
In today’s economic news
the Commerce Department reported that the Trade
Deficit narrowed to $65.7 Bln in February
(report).
The Energy Department’s EIA reported that Crude Oil inventories rose in the
latest week, while Gasoline inventories fell
(report).
Treasuries erased almost all of this week’s gains, pushing yields back towards
multi-year highs. The government auctioned $8 Bln of 10-year TIPS
at a yield of 2.409%.
The US Dollar rose against the Euro and Yen, boosted by today’s trade deficit
data.
Gold futures closed back above $600, near a contract
high. Silver also closed near a contract highs and Copper rose to another new
all-time high.
Crude Oil Futures Pull Back From
Contract High
June Crude Oil futures hit $71, a
new contract high, before reversing and closing lower after the EIA reported a
rise in inventories. Unleaded Gas and Heating Oil continued to surge higher,
both closing at new contract highs. Natural Gas continued to be the laggard
among the group as it moved closer to contract lows.
The softs were mixed, Lumber and Cocoa rose, Coffee and Cotton were flat, and
Orange Juice and Sugar fell.
Among the major grains, only Soybean Meal managed to close higher. Corn and
Wheat were the biggest decliners.
All the meats closed higher, with Live Cattle leading the way.
Economic News
Mortgage Bankers Association’s
Market Index Drops 5.5%; Purchase Index Down 4.7%, Refi Index Down 6.6%
Trade Deficit at $65.7 Bln. for February (report)
EIA: Crude Oil Inventories Up 3.2 Mln. Barrels; Gasoline Inventories Down 3.9
Mln. (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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