Snowstorm Fails To Lift Energy Prices
The big weekend snowstorm
that hit the northeast US failed to lift energy prices today. All the energies
closed lower with the largest declines in Unleaded Gas, Crude Oil and Natural
Gas.
Treasuries closed slightly higher after hitting new
lows earlier in the session. Prior to today’s rally yields on the 2yr T-Note
reached the highest level since early 2001, while the 5yr T-Note yield hit its’
highest level since early 2002.
The pattern was much the same for the US Dollar,
with the greenback hitting a 6-week high versus the Euro before reversing. FOREX traders should check out TradingMarkets
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All the softs except Sugar closed lower. Coffee was
the biggest faller, followed by Lumber, which closed limit-down. Orange Juice
closed lower despite Florida experiencing freezing temperatures over the
weekend.
Among the major grains, Wheat and Corn closed lower
but Soybeans closed higher. In the meats, Bellies and Hogs rose, while Cattle
fell.
Gold fell heavily for the second consecutive day.
No economic news today.
Ashton Dorkins
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