Here’s What Colder Temps Are Expected To Do To Natural Gas Prices
Increased refining activity boosted inventories last week, with the Dept. of
Energy saying supplies were up 1.4Â million barrels. March crude oil was
down .36 at $27.04. The Saudi oil minister said that, to avoid a price collapse,
production must be cut by 2 million barrels per day. The OPEC meeting is
tomorrow in Vienna. Also, in Venezuela production levels are one quarter
of normal levels because of the strike.
Below-normal temperatures expected later this month sent January natural gas
to near 19-month highs to close at 4.704.
Gold moved higher, consolidating after its run-up last week. February Gold
closed at 325.50, up 1.30.
China is still buying beans; March Soybeans were up 4.25 to 5.525.
March Sugar made a three-day high to close at 7.49.
Talk that the contract had become oversold sent February Hogs limit up to
52.45.
Fund liquidation sent coffee down. Brazil expects to issue their 2003-2004
forecast on December 18. March coffee was down 3.90 at 61.75.