Crude Oil Falls To Lowest Level Of 06
The much anticipated EIA
Petroleum Status report showed a slight
drop in Crude Oil inventories and a large build in Gasoline inventories
Crude Oil inventories fell 300,000 barrels, while Gasoline inventories rose 4.3
Mln barrels. Crude Oil inventories are 10.7% higher than a year ago and Gasoline
inventories are 1.7% higher than a year ago.
The report helped push Crude Oil to its’ lowest
close of 2006. Unleaded Gasoline hit its’ lowest price since November 05.
Heating Oil and Natural Gas also closed lower on the session despite next week’s
forecast for colder weather.
Former Fed Chairman Alan Greenspan made comments on
interest rates while speaking at Lehman Brothers today and the market reacted by
sending treasuries lower and the US Dollar higher. The Euro closed at its’
lowest level versus the US Dollar in 5-weeks. FOREX traders should check out TradingMarkets
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All the grains closed higher. The softs were mixed,
with Sugar, Cotton and Cocoa rising, while Coffee, Lumber and Orange Juice fell.
In the meats, Lean Hogs and Frozen Pork Bellies rallied.
Most of the metals posted modest losses after
EIA: Crude Oil Inventories Down 300,000 Barrels; Gasoline Inventories Up 4.3
Mln. Barrels (report).
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