Crude oil falls as inventories rise
In today’s economic news,
Initial Jobless Claims data showed an unexpected drop last week
Treasuries fell sharply, dragged lower by today’s
data and the $14 Bln government sale of 5yr T-notes, which drew weak demand.
In the FX market, the Yen soared versus all the
major currencies after the BoJ Governor Fukui made comments suggesting Japan’s
zero interest rate policy may be coming to an end. The Yen gained more than 1%
versus the US Dollar, Euro and Swiss Franc, while posting solid gains versus the
Aussie Dollar and British Pound. FOREX traders should check out TradingMarkets
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The energies were mixed following the release of
today’s inventory data. Crude Oil fell, while Unleaded Gas, Heating Oil and
Natural Gas rose.
Gold closed lower despite the World Gold Council
reporting that global demand grew by 7% in 2005. Copper also declined.
In the softs, Sugar fell more than 4% and Cocoa fell
almost 2%. Coffee was the only contract to post a gain of more than 1%.
The grains were mixed, Soybeans and Soybean Meal
declined modestly, while the other posted modest gains.
Initial Jobless Claims Down 20,000 To 278,000 (report).
EIA: Crude Oil Inventories Up 1.1 Mln. Barrels (report).
EIA: Natural Gas Stockpiles Down 123 BCF
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