Crude Oil Nears $67
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Today’s economic calendar was light, with just Industrial
Production/Capacity Utilization and the NY Empire State Index hitting the
market. Industrial Production and Capacity Utilization both rose slightly more
than expected in December
(report).
The New York Fed said that conditions for NY manufacturers
improved at a slower rate
(report).
The reports helped send Treasuries higher for the
third consecutive day, along with the US Dollar, which gained versus the Euro
and Yen. Read
Dave Floyd and
John Forman’s analysis of the US Dollar.
Gold
(Futures Pivots)
hit a 25-year high but reversed to close lower on the
session. The overbought condition, coupled with a negative divergence and overly
bullish sentiment could lead to a correction from these levels.
Chart created with FutureSource Xtra
The energies were very strong today, in part due to
increased violence in Nigeria where Royal Dutch Shell was forced to evacuate 330
workers. The news sent Crude Oil, Unleaded Gasoline, Heating Oil and Natural Gas
sharply higher.
March Crude Oil closed near $67, the highest level
since September.
Chart created with FutureSource Xtra
A second day of unrest in Ivory Coast sent Cocoa (Futures Pivots)
soaring.
Chart created with FutureSource Xtra
Meanwhile, Coffee (Futures Pivots)
rallied after the Venezuelan government agreed to increase the official price by
60%.
Chart created with FutureSource Xtra
Staying in the softs, Lumber
closed limit-down, Sugar jumped to a new contract
high and Orange Juice fell sharply.
Industrial Production up 0.6% in December; Capacity Utilization at 80.7% (report).
NY Empire State Index drops to 20.1 (report).
Ashton Dorkins