Energies Jump After IEA Says Global Oil Glut Has Ended
Crude oil and its products shot higher on word from the International Energy Agency (IEA) that global oil inventories are falling and demand is on the upswing.
December crude [CLZ9>CLZ9] rallied .76 to a 20-day high of 24.03, unleaded gas [HUZ9>HUZ9] gained .0248 to .6753 and heating oil [HOZ9>HOZ9] rose .0147 to .6270. Natural gas [NGZ9>NGZ9] fell .022 to 2.643.
December T-bonds [USZ9>USZ9] again traded within a narrow range and finished down 2/32 at 114 13/32.
Stock index futures took the day off following steady gains that have taken NASDAQ 100 futures [NDZ9>NDZ9] to four consecutive record highs. The December NASDAQ futures ended down 22.65 at 2785.35, Dow futures [DJZ9>DJZ9] fell 122.0 to 10,650.0 and S&P futures [SPZ9>SPZ9] slipped 11.20 to 1372.0.
December dollar index futures [DXZ9>DXZ9] were restrained by lower equity prices and lost .10 to close at 100.14. The Japanese yen [JYZ9>JYZ9] and Swiss franc [SFZ9>SFZ9] gained slightly and the British pound [BPZ9>BPZ9] moved .0036 higher to 1.6232.
In the metals, December gold [GCZ9>GCZ9] and silver [SIZ9>SIZ9] each gained .69% after hitting or matching one-month lows and copper [HGZ9>HGZ9] continued trading within a recent range to finish .60 higher at 80.45.
In the grains, December wheat [WZ9>WZ9] approached recent lows, falling 5 1/4 to 253 1/2. December corn [CZ9>CZ9] fell 1 1/4 to 200 3/4 and January soybeans [SF0>SF0] fell 4 to 479.
In the meats, February pork bellies [PBG0>PBG0] traded up 3.000 (their daily limit) pierced a triple-top and closed at a six-month high of 68.075. December lean hogs [LHZ9>LHZ9] also shot up, adding 1.550 to close at 48.150.