Deja Vu? Tropical Storm Wilma Approaches
Energy futures rallied today as
tropical storm Wilma, currently in the western Caribbean, was forecast to move
into the Gulf of Mexico later this week. Today’s Minerals Management
Service report showed that 66% of daily oil production and 55% of daily gas
production in the Gulf of Mexico remains shut-in from hurricane Katrina and
Rita.
The only economic data of note today was the release of NY
Empire State Index which came in below expectations. The US Dollar Index closed
higher, while treasuries closed slightly lower.
Gold ended its 3-day slide since hitting an 18-year high last
week. Inflation was once again the main concern driving the yellow metal higher.
Copper gapped up this morning and closed near the high of the session as the
London Metal Exchange reported falling inventories, while global demand remains
strong.
Coffee, Orange Juice and Lumber also rose on concerns
surrounding tropical storm Wilma. Coffee hit a 1-month high.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 63.60 | +1.61 |
+2.60 |
| Heating Oil (HO) | 202.25 | +3.21 |
+1.61 |
| Unleaded Gas (HU) | 181.70 | +0.56 |
+3.22 |
| Natural Gas (NG) | 14.75 | +0.55 |
+3.84 |
|
Metals |
|||
| Gold (GC) | 476.60 | +4.80 |
+1.02 |
| Silver (SI) | 787.50 | +1.30 |
+0.17 |
| Copper (HG) | 182.10 | +6.45 |
+3.67 |
|
Grains |
|||
|
Corn (C) |
203.75 | +0.25 |
+0.12 |
| Wheat (W) | 336.25 | -1.25 |
-0.37 |
| Soybeans (S) | 591.25 | +1.75 |
+0.30 |
|
Softs |
|||
| Sugar (SB) | 11.46 | -0.20 |
-1.72 |
| Coffee (KC) | 104.10 | +4.20 |
+4.20 |
| Cocoa (CC) | 1367.00 | -40.00 |
-2.84 |
| Frozen Orange Juice (JO) | 106.35 | +3.00 |
+2.90 |
| Cotton (CT) | 56.00 | -0.93 |
-1.63 |
| Lumber (LB) | 287.70 | +6.00 |
+2.13 |
|
Livestock |
|||
| Lean Hogs (LH) | 60.32 | -1.17 |
-1.91 |
| Live Cattle (LC) | 88.95 | -0.62 |
-0.70 |
Economic News
New York Empire State Index:
General Business Conditions – Actual 12.1 Consensus 20.0
Ashton Dorkins