Crude Oil Falls Despite Inventory Data

In today’s economic news,
Durable Goods Orders for April fell much more
than expected

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
and Yen.

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.

Economic News

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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Ashton Dorkins

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