Crude Oil Falls On Inventory Data
Wednesday marked another quiet
day on the economic front. Ex-Federal
Reserve Chairman Alan Greenspan spoke publicly for the first time since his term
ended (comments)
and the Energy Department’s EIA released its weekly report on Crude Oil
Inventories (report).
Treasuries closed slightly lower, continuing this week’s pattern of choppy,
narrow range trading.
The US Dollar Index closed higher for the third consecutive day, boosted by the
Dollar’s gains versus the Euro, British Pound and Swiss Franc.
July Crude Oil futures fell heavily after the inventory data was released (oil
market recap).
All the softs closed higher, except for Coffee -0.10%. Orange Juice +1.42% and
Lumber +1.27% were the best performers.
The grains also posted gains, with Corn +1.31% and Wheat +0.71% leading the
advance. Soybean Oil -0.32% was the only decliner.
Economic News
EIA – Crude Inventories Rose 1.15 Mln. Barrels, Gasoline Inventories Rose 1.05
Mln. Barrels, Distillate Inventories Rose 1.76 Mln. Barrels (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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