Oil Forges New 10-Year High
Energy contracts remained on fire as traders doubted any
increase in oil output by OPEC would be either soon enough or large enough to quell any looming supply shortages. OPEC
meets next week and is widely expected to raise its production by 2% but the
market doubts that the increase will avoid spot shortfalls that could force a scramble to buy available supply and could be
particularly acute in heating oil.
October crude oil
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unleaded gasoline
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Momentum-5
List and closed at contract highs. Crude rallied for a third day to close
.49 higher at 35.39. Heating oil surged 3.2%, or .0320 to 1.0286, and unleaded
gasoline rallied for a ninth straight day to close .0063 higher at 1.0043.
Stock index futures ended mixed.
Dow futures
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that high oil and natural gas prices would add to expenses and a weak euro would
reduce the value of repatriated profits from overseas operations. The contract
fell 49.0 to 11,286.0.
NASDAQ 100 futures
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inside day but with a gain of 93.50 to 3951.50. September S&P futures
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closed up 12.40 to 1506.40.
The euro FX
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Chancellor Schroeder back pedaled from statements made Wednesday where he said
he "welcomed" a weaker euro. The comments resulted in the euro FX’s
biggest one-day plunge ever to lodge a new contract low. Swiss francs
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also tacked on .0015 to .5644 and the
Japanese yen
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traders continued anticipating economic data that shows an economic
recovery.
Live cattle
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strong move that validated the contract’s Multiple Days Low
Volatility signal. October closed 1.225 higher at 67.525 and feeder cattle
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ended .950 higher at 85.350.