Energy Prices Rise Sharply As Inventories Fall
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The economic calendar was packed
today. The Mortgage Bankers Association reported that mortgage loan
applications fell (report).
Third Quarter GDP showed faster growth than forecast
(report).
Chicago PMI declined in November, indicating slower growth (report),
while the Fed’s Beige Book released this afternoon showed continued growth in
economic activity (report).
The EIA reported a large drop in Crude Oil Inventories (report).
Go to our
Economic News section for reports and analysis.
Energy prices jumped sharply higher after the Department of
Energy report on Crude Oil and Gasoline inventories. The combination of falling
inventories and faster economic growth helped fuel today’s rally.
Gold and Platinum pulled back from multi-year highs but Copper
extended its gains, hitting another new all-time high today. The major grains
closed higher, while the only notable movers among the softs were Coffee, which
fell almost 3% and Frozen Orange Juice, which rose 1.65%.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 57.32 | +0.82 |
+1.45 |
| Heating Oil (HO) | 169.00 | +1.80 |
+1.08 |
| Unleaded Gas (HU) | 149.80 | +4.24 |
+2.91 |
| Natural Gas (NG) | 12.55 | +0.81 |
+6.94 |
|
Metals |
|||
| Gold (GC) | 498.70 | -4.80 |
-0.95 |
| Silver (SI) | 838.50 | -2.00 |
-0.24 |
| Copper (HG) | 192.60 | +1.45 |
+0.76 |
|
Grains |
|||
|
Corn (C) |
201.75 | +1.25 |
+0.62 |
| Wheat (W) | 320.75 | +4.00 |
+1.26 |
| Soybeans (S) | 558.00 | +4.00 |
+0.72 |
|
Softs |
|||
| Sugar (SB) | 12.43 | -0.03 |
-0.24 |
| Coffee (KC) | 97.00 | -2.95 |
-2.95 |
| Cocoa (CC) | 1415.00 | +11.00 |
+0.78 |
| Frozen Orange Juice (JO) | 120.15 | +1.95 |
+1.65 |
| Cotton (CT) | 52.28 | -0.03 |
-0.06 |
| Lumber (LB) | 326.50 | +1.70 |
+0.52 |
|
Livestock |
|||
| Lean Hogs (LH) | 67.35 | +0.52 |
+0.79 |
| Live Cattle (LC) | 95.72 | +0.55 |
+0.58 |
Economic News
MBA Purchase Applications:
Purchase Index – Actual 476.2
Corporate Profits:
After-Tax Profits, Y/Y Change – Actual 35.9%
Gross Domestic Product:
Real GDP, Q/Q Change – Actual 4.3% Consensus 4.1%
GDP Deflator, Q/Q Change – Actual 3.0% Consensus 3.2%
Chicago PMI:
Actual 61.7 Consensus 60.0
EIA Petroleum Status Report:
Crude Oil Inventories – Actual -4.2 Mln Barrels
Gasoline Inventories – Actual -500,000 Barrels
Ashton Dorkins
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