Looming Oil Shortage Brings New Highs For Energies
A report from the American Petroleum Institute (API) confirmed that OPEC’s agreement to maintain production quotas continues to drain oil supplies. From the “>Implosion-5 List, fell 67 and 14.60 respectively, and NASDAQ 100 futures [NDZ9>NDZ9] lost 46.50 to 2418.00.
December dollar index futures [DXZ9>DXZ9] fell to a 20-day low, losing .39 to 98.46. Swiss francs [SFZ9>SFZ9] rallied consistently throughout the day, adding .0055 to .6705 and doing the most to pressure the dollar. The yen [JYZ9>JYZ9] fell .0082 to .9450 and British pounds [BPZ9>BPZ9] fell .0064 to 1.6442.
December gold [GCZ9>GCZ9] pared parabolic gains made
Tuesday that was the metal’s largest move in 20 years: The December contract fell 8.0 to 302.0. Silver [SIZ9>SIZ9] also fell 16.3 to 560.7 and copper [HGZ9>HGZ9] dropped .65 to 81.05.
Grains ended mixed with soy contracts rising for a fourth day. December wheat [WZ9>WZ9] fell 1 1/2 to 284 1/4, corn [CZ9>CZ9] closed unchanged and November soybeans [SX9>SX9] gained 1 1/2 to 491 3/4. The narrow closes in corn, soybeans and soybean oil will keep the contracts on the Multiple Days Low Volatility List.
Also from the Momentum-5 List, October lean hogs [LHV9>LHV9] closed at 49.400, filling a gap left three months ago and closing at the top of a wide range bar. February pork bellies [PBG0>PBG0] also ended higher, gaining .65 to 64.225.
December cocoa [CCZ9>CCZ9], from the Momentum-5 List, had a wild day, shooting up 30 to a two-month high, then tumbling over 60 before ending down 15 at 1037. March sugar [SBH0>SBH0] rallied .15 to close at 6.98 and coffee [KCZ9>KCZ9] rallied for a fifth day to a 10-day high, ending 1.75 higher at 86.70.