Crude Oil Surges As Supplies Dwindle
January crude [CLF0>CLF0] closed .81 higher at 26.14 as the market continues to respond to stockpiles that are at their lowest levels since 1997.
Unleaded gas [HUF0>HUF0] rose .0166 to .7111, heating oil [HOF0>HOF0] gained .0148 to .6817 and natural gas [NGF0>NGF0] fell .042 to 2.564.
December T-bonds [USZ9>USZ9] fell 1/32 to 113 20/32.
The strongest contract on the Momentum-5 List,
NASDAQ 100 futures [NDZ9>NDZ9], remained on a tear and closed on their high for a second straight session for a gain of 27.00 to 3047.00. December Dow futures [DJZ9>DJZ9] fell 20.0 to 11,050.0 and December S&P futures [SPZ9>SPZ9] fell fractionally to 1428.00, trading within a narrow range.
December dollar index futures [DXZ9>DXZ9] slipped .14 to 100.81, reflecting generally lower equity prices. The Japanese yen [JYZ9>JYZ9] fell .0036 to .9436 while British pounds [BPZ9>BPZ9] rallied .0050 to 1.6212.
Grain contracts made good on Turtle Soup Plus One Buy setups above their (previous) 20-day low trigger points: December wheat [WZ9>WZ9] gained 2 3/4 to 243 1/4, January soybeans [SF0>SF0] rallied 5 to 464 3/4 and December soymeal [SMZ9>SMZ9] gained .9 to 145.9.
February pork bellies [PBG0>PBG0], the most active contract in the meats, shot up after testing the down side to end 1.775 higher at 76.375.
In the softs, the weakest contract on the Implosion-5 List, March sugar [SBH0>SBH0], plunged for a fifth consecutive day to a four-month low, losing .13 to 5.91. Cocoa [CCH0>CCH0] gained 14 to 849 and coffee [KCH0>KCH0] slumped 2.30 to 114 .40.