Crude Spouts To New Highs On Tightening Supply
The American Petroleum Institute (API) issued its weekly report after the close of New York floor trading yesterday. The report showed that both crude oil and gasoline fell to two-year lows. Crude oil, heating oil and unleaded gas all registered on the Momentum-5 List and are trading at life-of contract highs. An OPEC-led cutback in exports has reduced the global oil supply by 7%.
Sugar is plummeting, trading at the bottom of this morning’s range and trading at a two-month low.
Pork bellies inched out a new high, but quickly spun around and have traded down their daily limit.
Contracts that have recently been stretched are pulling back after hitting 20-day extremes: Dow futures are lower and natural gas and cotton are gaining
Here are the highlights around noon Eastern time:
Stock Index and Bond Futures•December T-bonds [USZ9>USZ9]: -24/32 to 113 29/32
• December S&Ps [SPZ9>SPZ9]: -6.80 to 1424.20
• December Dow futures [DJZ9>DJZ9]: -60 to 10,955
• December NASDAQ 100 futures [NDZ9>NDZ9]: -31.50 to 2945.00
Currencies
•December dollar index futures [DXZ9>DXZ9]: -.61 to 100.10
•December Japanese yen futures [JYZ9>JYZ9]: +.0034 to .9516
•December Swiss francs [SFZ9>SFZ9]: +.0044 to .6510
Energies•December crude [CLZ9>CLZ9]: +.83 to 26.53
•December unleaded gas [HUZ9>HUZ9]: +.0258 to .7350
•December heating oil [HOZ9>HOZ9]: +.0169 to .6890
•December natural gas [NGZ9>NGZ9]: +.014 to 2.465
Metals•December silver [SIZ9>SIZ9]: -4.0 to 512.5
Grains•January soybeans [SF0>SF0]: -2 3/4 to 467 3/4
Meats•February pork bellies [PBG0>PBG0]: -3.000 to 74.050
•December lean hogs [LHZ9>LHZ9]: -.650 to 50.725
Softs and Fibers•December cocoa [CCZ9>CCZ9]: -3 to 792
•December coffee [KCZ9>KCZ9]: +1.20 to 126.70
•March sugar [SBH0>SBH0]: -.23 to 6.33