Crude Oil Falls Despite Inventory Data
In today’s economic news,
Durable Goods Orders for April fell much more
April New Home Sales came in above expectations (report),
the EIA reported a drop in Crude Oil Inventories (report)
and the Bank Of Canada raised interest rates by 25 bps to 4.25% (report).
Treasuries gapped higher at the open, moved to a one month high, then sold off
to close lower on the session but above yesterday’s close.
The US Dollar Index gained 0.76%, boosted by the Dollar’s gains versus the Euro
Gold plunged $32.6 to close at $637.50.
reported Gold’s fall as being the largest in 12-years.
June Crude Oil futures erased yesterday’s advance to close at $69.86 despite the
EIA reporting a drop in Crude Oil inventories.
All the softs closed lower except for Orange
Juice +0.43%. Sugar -2.47% and Lumber -1.74% were the biggest decliners.
Soybean Meal +0.29% was the only grain contract to close higher.
April Durable Goods Down 4.8% (report)
April New Home Sales Rise 4.9% To 1.198 Mln. (report)
EIA – Crude Down 3 Mln. Barrels; Gas Up 2.11 Mln. Barrels, Distillates Up 1.5
Mln. Barrels (report)
Bank Of Canada Raises Interest Rates A Quarter Point To 4.25% (report)
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