News Sends Oil And Gas Futures Higher
With no economic news released
on Monday traders attention shifted to
the National Hurricane Center’s
Hurricane Season
2006 report and the Nigerian parliament’s claim that
Royal Dutch Shell should pay $1.5 Bln for environmental damage in the Niger
Delta region.
The news helped June Crude Oil futures recover most of Friday’s losses. Unleaded
Gas and Heating Oil also closed higher but Natural Gas futures were the best
performer on a percentage basis.
Bond prices rallied across the board, pushing yields lower. The yield on the
10-yr Treasury has fallen from 5.192% on 05/15/06 to close at 5.036% today,
after hitting 4.990% earlier in the session.
The US Dollar Index erased Friday’s advance. The Dollar wasn’t weighed down by
any one particular currency but small declines against all the majors were more
than enough to do the damage.
Dollar weakness failed to help Gold or Silver futures, which closed flat,
although well off session lows.
The softs were mixed, with only Coffee -1.04% and Cocoa -0.92% recording above
average moves.
In the grains, Wheat +2.40% was the best performer.
Economic News
No economic news today.
Ashton Dorkins
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