Crude Oil Prices Jump Above $71
In today’s economic news,
Q1 GDP growth up less than expected
(report),
Weekly Initial Jobless Claims fell less than expected (report),
Existing Home Sales fell in April (report)
and the EIA reported Natural Gas stocks increased by 83 BCF.
Treasuries declined as the GDP numbers reflected strong enough growth to warrant
further rate increases by the Fed.
The US Dollar Index closed lower, weighed down by the Dollar’s losses against
the Euro, Yen, AUD and CAD. The Yen was strong across the board after Japanese
imports surged (full
story).
June Crude Oil futures rallied strongly, reversing most of yesterday’s decline
to close at $71.32. Unleaded Gas and Heating Oil rallied in unison but Natural
Gas only managed a slight gain.
The softs were mixed with Orange Juice +4.48% and Coffee -1.15% the biggest
winners and losers.
Economic News
Q1 GDP Rises At 5.3% Rate; Revised From 4.8% (report)
Jobless Claims For Week Ended May 20 Down 40K To 329K (report)
April Existing Home Sales Fall 2% To 6.76 Mln. Units (report)
EIA – Natual Gas Stocks Increase 83 BCF
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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