Energies Rally Despite Rising Inventories
Wednesday was another busy day on
the economic front.
Disappointing numbers on the housing market were
reported for the third consecutive day as the MBA’s Weekly Market Index and
Purchase Index both declined.
Personal Income and Spending rose in January
(report).
The Commerce Department report also showed rising inflation and that spending
outpaced income.
The ISM data showed manufacturing sector growth accelerated in February
(report).
Finally, the EIA reported that Crude Oil and Gasoline Inventories rose
(report).
Treasuries closed lower with the drops more pronounced at the long end of the
yield curve. The US Dollar recovered some of yesterday’s losses, rallying versus
the Euro, Yen, GBP and Swiss Franc.
Crude Oil traded in narrow range despite the
inventory data, while Unleaded Gas and Heating Oil rose. Natural gas was flat.
Among the softs, Orange Juice -2.01%, Sugar -1.93%, Cocoa -1.10% and Cotton
-0.71% were weak. Lumber +0.51% and Coffee +0.36% notched up small gains.
All the grains closed lower except for Soybean Oil. In the meats, Lean Hogs
+1.99% and Pork Bellies +1.74%.
Mortgage Bankers Association’s Weekly Market Index Falls 1.2%; Purchase Index
Drops 1.9%, Refi Index Ticks Up 0.1%.
Personal Income Up 0.7% For Jan.; Personal Spending Up 0.9% (report).
ISM Manufacturing Index At 56.7 For Feb. (report).
Construction Spending Rises To 56.7 From 54.8
EIA: Crude Inventories Up 1.6 Mln. Barrels, Gasoline Up 300K (report).
Ashton Dorkins
Looking for ways to
improve your trading? Checkout TradingMarkets
Upcoming Training Classes.