Energy Prices Rise As Inventories Fall
Energy prices rallied today after
hitting a 4-month low yesterday. Today’s drop in inventories led to a
sharp rally, especially in Natural Gas. Gold jumped more than $10 to a near
18-year high as inflation concerns continued.
Mortgage application volume fell last week, Business
Inventories rose more than expected, Consumer Prices increased modestly and
Crude Oil Inventories fell.
The Mortgage Bankers Association Weekly Market Index fell 0.6%,
the Purchase Index rose 2.6% and the Refi Index fell 5.4% (full
report).
Business Inventories fell 0.5% (full
report).
October CPI rose 0.2%, Core CPI also rose 0.2% (full
report).
The weekly Petroleum Status Report by the
EIA showed Crude Oil Inventories fell 2.2 Mln Barrels and Gasoline Inventories
fell 900,000
Barrels (full
report). For reports and analysis throughout the day go to our
Economic
News section.
Treasuries and the US Dollar Index closed higher. The Dollar
neared a 2-year high versus the Euro as foreign purchases of US assets swelled.
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TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 58.45 | +0.84 |
+1.46 |
| Heating Oil (HO) | 179.50 | +4.26 |
+2.43 |
| Unleaded Gas (HU) | 154.17 | +2.30 |
+1.51 |
| Natural Gas (NG) | 13.09 | +0.76 |
+6.17 |
|
Metals |
|||
| Gold (GC) | 479.10 | +10.10 |
+2.15 |
| Silver (SI) | 800.20 | +21.50 |
+2.76 |
| Copper (HG) | 193.50 | +0.30 |
+0.16 |
|
Grains |
|||
|
Corn (C) |
206.75 | -2.75 |
-1.31 |
| Wheat (W) | 322.50 | +0.75 |
+0.23 |
| Soybeans (S) | 576.75 | -14.50 |
-2.45 |
|
Softs |
|||
| Sugar (SB) | 12.12 | +0.04 |
+0.33 |
| Coffee (KC) | 100.50 | +0.30 |
+0.30 |
| Cocoa (CC) | 1354.00 | +3.00 |
+0.22 |
| Frozen Orange Juice (JO) | 122.00 | +1.85 |
+1.54 |
| Cotton (CT) | 52.86 | -0.57 |
-1.07 |
| Lumber (LB) | 342.80 | +7.80 |
+2.33 |
|
Livestock |
|||
| Lean Hogs (LH) | 66.92 | -0.23 |
-0.34 |
| Live Cattle (LC) | 94.62 | +0.15 |
+0.16 |
Economic News
MBA Purchase Applications:
Purchase Index – Actual 477.9
Business Inventories:
M/M Change – Actual 0.5% Consensus 0.3%
Consumer Price Indexes:
CPI, M/M Change – Actual 0.2% Consensus 0.1%
Core CPI, M/M Change – Actual 0.2% Consensus 0.2%
EIA Petroleum Status Report:
Crude Oil Inventories – Actual -2.2 M Barrels
Gasoline Inventories – Actual -900,000 Barrels
Ashton Dorkins
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