Crude Oil Falls Despite Unrest
The
Conference Board’s Index of Leading Indicators
fell less than expected in February (report).
However, with new Fed Chairman Ben Bernanke scheduled to give a speech later
tonight, and an interest rate decision to follow next week,
the report had little impact on the market
with Treasuries closing fractionally higher.
The US Dollar Index rose, ending a large five-day decline. The greenback’s gains
were modest versus the Yen and Euro. The Aussie fell significantly versus the
Dollar and Yen for the second consecutive day.
Crude Oil fell sharply despite further attacks on pipelines in Nigeria over the
weekend. Unrest in Iraq and Nigeria was unable to outweigh the fact that US
inventories are the highest since May 1999. Unleaded Gas, Heating Oil and
Natural gas also declined.
In the softs, Sugar, Coffee and Lumber rose, Cocoa, Cotton and Orange Juice
fell.
All the grains closed lower, with Wheat and Corn leading the decline.
Leading Indicators:
Consensus -0.3% Actual -0.2%
Ashton Dorkins
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