Natural Gas Hits 9-Month Low
The economic calendar was full today,
starting with Q4 GDP, which was revised higher — in line with estimates
(report).
However, that was where the positive news ended as Consumer Confidence fell more
than expected in February
(report)
and Chicago area business growth slowed unexpectedly in February
(report).
And finally, fresh on the heels of yesterday’s disappointing New Home Sales
data, Existing Home Sales came in below expectations
(report).
The disappointing reports sent Treasuries sharply higher, ending a 3-day slide.
The news helped send the US Dollar lower versus
all the majors. The steepest declines came against
the Swiss Franc, British Pound, Euro and Aussie Dollar. The US Dollar Index lost
0.57%.
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Natural Gas continued its’ decline hitting yet another multi-month
low. Current supplies are seen as more than enough to see out the rest of
winter, which has been much warmer than normal. Meanwhile Crude Oil, Unleaded
Gas and Heating Oil all closed higher.
In the metals, Gold climber higher, while Copper halted a 4-day
decline.
Lumber was the only notable faller in the softs, with strong gains recorded in
Coffee, Sugar, Cocoa and Cotton.
The grains were mixed and Lean Hogs was the only meat contract to move, losing
1.05%.
GDP Revised To Growth Rate Of 1.6% For Q4 (report).
Conference Board’s Consumer Confidence Index Drops To 101.7 For Feb. (report).
Existing Home Sales Down 2.8% In Jan. To 6.56 Mln. Units (report).
Chicago PMI At 54.9 For Feb. Vs Jan 58.5 (report).
Ashton Dorkins
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