Crude Oil Hits 2-Month Low
Oil and Gas futures continued their decline on
NYMEX with crude oil hitting a 2-month low and gasoline closing lower for the
6th-consecutive session.
On the economic front, initial jobless claims and the Monster
Employment Index had a limited effect as trader’s await tomorrow’s Non-Farm
Payrolls report. Good news did arrive though in the form of today’s
Minerals Management
Service report. The MMS said that 80% of the daily oil production and 66% of
the daily gas production remains shut-in. Although the numbers are still high
they represent a dramatic improvement.
The precious metals rallied sharply after Dallas President
Richard Fisher commented that the Fed can’t let inflation “Poison the system.”
His statement led to a selloff in the equity markets.
The grains closed higher, while the softs and livestock groups
were mixed.
| Commodity (symbol) |
Price | Price Change | % Change |
| Corn (C) | 204.25 | +0.50 |
+0.25 |
| Soybeans (S) | 564.25 | +0.75 |
+0.13 |
| Wheat (W) | 345.25 | +1.25 |
+0.36 |
| Live Cattle (LC) | 90.78 | -0.27 |
-0.30 |
| Lean Hogs (LH) | 64.38 | -0.95 |
-1.45 |
| Platinum (PL) | 930.70 | +8.70 |
+0.94 |
| Gold (GC) | 475.00 | +5.70 |
+1.21 |
| Silver (SI) | 759.50 | +11.70 |
+1.56 |
| Copper (HG) | 178.30 | -0.35 |
-0.20 |
| Cocoa (CC) | 1392.00 | +9.00 |
+0.65 |
| Coffee (KC) | 93.50 | -0.30 |
-0.32 |
| Sugar #11 (SB) | 11.26 | -0.17 |
-1.49 |
| Cotton (CT) | 53.75 | -0.16 |
-0.30 |
| Orange Juice (JO) | 104.15 | +0.65 |
+0.63 |
| Crude Oil (CL) | 61.36 | -1.43 |
-2.28 |
| Heating Oil (HO) | 195.07 | -6.41 |
-3.18 |
| Natural Gas (NG) | 13.38 | -0.81 |
-5.70 |
Economic News
Monster Employment Index:
Actual 140
Jobless Claims:
New Claims – Actual 390 K Consensus 350 K
Bank of England:
Keeps Rates Unchanged
European Central Bank:
Keeps Rates Unchanged
Ashton Dorkins