Crude Oil Jumps $2
In today’s economic news,
the Department of Labor reported that Initial Jobless Claims were down 11,000 to
302,000 (report).
The actual number was slightly below expectations of 305,000. The National
Association of Realtors report on Existing Home Sales showed that sales
rebounded in February after five consecutive months of declines (report).
The bond market paid more attention to the NAR report, with Treasuries closing
lower. However, the news gave a boost to the US Dollar. The Dollar Index gained
0.86%, with the Dollar rallying strongly against all the majors.
Energy prices rose sharply, Crude Oil was up more than $2, closing at $63.91.
Natural Gas rose after the EIA reported a drop in stocks. The chart of Natural
Gas is looking interesting from a technical perspective and may warrant closer
inspection.
The softs were mixed, Cocoa and Lumber fell, while only Cotton and Orange Juice
rose more than 1%.
All the grains closed lower, except for Soybean Oil which lost 0.86%.
Initial Jobless Claims
Down 11,000 To 302,000 (report).
Existing Home Sales Up 5.2% To 6.91 Mln. Unit Rate (report).
EIA – Natural Gas Stocks Fall 23 BCF
Ashton Dorkins
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