Natural Gas Hits New Lows
In today’s economic news,
Initial Jobless Claims rose much less than forecast
(report).
Durable Goods Orders continued to increase in December
(report),
to record an 8.2% rise for 2005.
The news helped send treasuries much lower while
boosting the US Dollar versus both the Euro and Yen.
In the energies, March Crude Oil (CLH6) closed
slightly higher, rebounding from a 3-day decline. Unleaded Gasoline’s pattern
was much the same. Heating Oil closed modestly lower. Natural Gas fell to a new
contract low despite the EIA reporting that stockpiles fell 81-BCF last week.
While the decline seems large it is much less than normal for this time of year
and stockpiles are 22% above the 5-year average.
Natural Gas was highlighted in the
TradingMarkets Implosion 5 List last night.
In the softs, Sugar hit a new closing high, Coffee
closed slightly lower, Cocoa continued to recover from the past few days of
heavy selling.
Among the major grains, Wheat (Futures Pivots)
and Soybeans (Futures Pivots)
traded in very narrow ranges for the day. Corn (Futures Pivots)
closed modestly higher, recovering from early selling.
Trading in the metals was relatively uneventful.
Initial Jobless Claims Up 11,000 To 282,000 (report).
Durable Goods Orders Up 1.3% For Dec. (report).
EIA: Natural Gas Stockpiles Fell 81 BCF Last Week
Ashton Dorkins