Treasuries Soar, Metals Shine And Energy Sinks
Energy prices are fell sharply again
today, with Natural Gas and Unleaded Gas leading the decline. Crude
Oil and Heating Oil both hit 3-month lows. The EIA reported Natural Gas Inventories were up
61 Bln Cubic Feet. Yesterday’s Petroleum Status Report showed a large build in
crude oil and gasoline inventories.
Meanwhile the International Energy Agency reduced its forecast
for global consumption in 2006.
In economic news; Import Prices fell 0.3%, the first decline
in 5-months (report).
Initial Jobless Claims rose 2,000 to 326,000 (report)
and the University of Michigan Consumer Sentiment Index preliminary reading for
November was 79.9. Meanwhile the Trade Deficit rose to a new record high of
$66.1 Bln in September (report).
Go to our
Economic News section for the numbers when they are released and analysis.
Treasuries surged after record foreign interest in today’s
10-year T-Note auction, buying 55.6% of the $13 Bln offering. Bonds embarked on
their rally as soon as the data was released at setoff the rally in equities
too. The Treasury market is closed tomorrow for Veteran’s Day.
The Dollar Index closed higher, boosted by the Dollar hitting
a 2-year high versus the Euro and extending gains versus the Yen.
Copper jumped to a new all-time high and Platinum hit a
25-year high.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 58.74 | -1.02 |
-1.71 |
| Heating Oil (HO) | 180.15 | -4.23 |
-2.29 |
| Unleaded Gas (HU) | 150.68 | -4.45 |
-2.87 |
| Natural Gas (NG) | 11.95 | -0.37 |
-2.97 |
|
Metals |
|||
| Gold (GC) | 467.70 | +0.20 |
+0.04 |
| Silver (SI) | 770.50 | +2.70 |
+0.35 |
| Copper (HG) | 187.15 | +4.00 |
+2.18 |
|
Grains |
|||
|
Corn (C) |
193.75 | -0.50 |
-0.26 |
| Wheat (W) | 309.75 | -4.25 |
-1.35 |
| Soybeans (S) | 587.50 | -1.00 |
-0.17 |
|
Softs |
|||
| Sugar (SB) | 11.47 | +0.28 |
+2.50 |
| Coffee (KC) | 110.60 | -0.15 |
-0.14 |
| Cocoa (CC) | 1377.00 | +5.00 |
+0.36 |
| Frozen Orange Juice (JO) | 123.10 | +1.10 |
+0.90 |
| Cotton (CT) | 53.55 | -0.05 |
-0.09 |
| Lumber (LB) | 337.90 | -3.80 |
-1.11 |
|
Livestock |
|||
| Lean Hogs (LH) | 63.12 | -1.05 |
-1.64 |
| Live Cattle (LC) | 91.98 | +0.02 |
+0.03 |
Economic News
Import and Export Prices:
Import Prices, M/M Change – Actual -0.3% Consensus 0.0%
Export Prices, M/M Change – Actual 0.6% Consensus N/A
International Trade:
Trade Balance – Actual $-66.1 Bln Consensus $-62.0 Bln
Jobless Claims:
New Claims – Actual 326 K Consensus 320 K
University of Michigan Consumer Sentiment Survey:
Sentiment Index (p) – Actual 79.9 Consensus 76.0
Treasury Budget:
Actual Consensus $-55.0 Bln
Ashton Dorkins