Natural Gas Hits New All-Time High

Earlier in the day, November Retail Sales growth came in below expectations (report)
and Business Inventories rose.

Treasuries closed off session highs, while the US Dollar Index ended little
changed. Stock index futures closed modestly higher after giving back part of
the post FOMC gains.

Energy prices were in the spotlight once again with Crude Oil hitting a
5-week high and Natural Gas closing at a new all-time high. The IEA forecast a
rise in global oil consumption. The colder weather across the Northeast US is
alos helping to drive prices higher, especially Heating Oil which is up more
than 6% this week and closed at its highest level since early November.

In the metals, Gold fell for the second consecutive day. The sharp
November/December rally was becoming a concern for a number of traders, some of
whom predicted a pullback (read Deron Wagner’s article on Gold

here). Silver has also sold off this week.

Economic News

Retail Sales Up 0.3% In Nov., Ex.-Trans Down 0.3%

Business Inventories Up 0.3% For Oct., Sales Higher By 0.8%

Fed Raises Rates 25 Basis Points

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