Specter Of Quota Extension Boosts Energies
Oil and gasoline futures gained up to 3.7% following comments from major producing nations that they would extend current oil production limits through March 2000. News of the closing of Norway’s principal oil field also boosted prices.
December crude [CLZ9>CLZ9] rose .84 to 23.45, unleaded gas [HUZ9>HUZ9] gained .0143 to .6476 and heating oil [HOZ9>HOZ9] moved up .0198 to .6150. Natural gas [NGZ9>NGZ9] closed fractionally lower.
December T-bonds [USZ9>USZ9] traded within a half-point range but finished unchanged at 110 31/32.
Stock index futures extended their rally from yesterday, getting a boost from big gains made in financial and insurance equities. December Dow futures [DJZ9>DJZ9] gained 112.0 to 10,492, S&P futures [SPZ9>SPZ9] rose 11.20 to 1307.20 while NASDAQ 100 futures [NDZ9>NDZ9] fell in the closing hour to end down 16.50 at 2496.50.
The rally in equities pumped up dollar index futures [DXZ9>DXZ9]: the December contract rose 1.07 to 98.31. Japanese yen [JYZ9>JYZ9] came back from a more than .0100 loss to finish down just .0013 at .9505. Swiss francs [SFZ9>SFZ9] fell .0129 and British pounds [BPZ9>BPZ9] dropped .0198 to 1.6572.
December gold [GCZ9>GCZ9] continued its drift lower to close at a two-week low, down 2.2 at 303.3. December silver [SIZ9>SIZ9] gained 1.7 to 525.0.
Soybeans saw the most action today. Beans and bean oil signaled on both the Implosion-5 and Multiple Days Low Volatility lists, a good hint that prices could make a decent move to the downside. November soybeans [SX9>SX9] fell 7 to 472 3/4 and soymeal [SMZ9>SMZ9] fell 3.0 to 147.4.
December lean hogs [LHZ9>LHZ9] gained .500 to 49.250 and February pork bellies [PBG0>PBG0] turned the other way, falling 1.275 to 64.825.