Shares of Schlumberger Ltd. (NYSE:SLB) closed up Tuesday as oil prices moved up again, as Goldman Sachs (NYSE:GS) and others up their outlook for crude prices.
Light sweet crude oil for July delivery was up $1.89 to settle at $99.59 a barrel. Brent crude oil for July delivery rose $2.35 to $112.45 a barrel.
Another factor was the weakening dollar again, as the euro increased 0.5 percent at $1.4113, bolstering its buying power for oil.
Goldman increased it estimate for Brent crude from $105 to $120 a barrel for 2011, and for 2012 Goldman raised it from $120 to $140 a barrel.
Schlumberger Ltd. (SLB), which supplies technology, integrated project management, and information solutions to the oil and gas industry around the world, closed Tuesday at $83.28, gaining $1.20, or 1.46 percent.
An ex-dividend is coming on May 27, 2011 for shareholder. Schlumberger pays a quarterly dividend of $0.25, with a yield of about 1.19 percent.
Showing posts with label Light Crude Oil Prices. Show all posts
Showing posts with label Light Crude Oil Prices. Show all posts
Wednesday, May 25, 2011
Friday, November 5, 2010
ArcelorMittal (NYSE:MT), Carpenter Technology (NYSE:CRS), US Steel (NYSE:X) Soar on Collasping US Dollar, QE2
ArcelorMittal (NYSE:MT), Carpenter Technology (NYSE:CRS), US Steel (NYSE:X) all moved up with the broader commodity sector Thursday, as the announcement that the Federal Reserve was going to inflate again via its quantitative easing strategy pushed up the price of commodities in anticipation of the inevitable inflation to come.
Commodity prices rising included oil prices, gold, silver and aluminum. Gold prices reached record levels again, straining toward the $1,400 an ounce level. Silver broke the $26 level, and seems poised to continue moving up.
The steel industry could go through a period of uncertainty as currencies respond to the fall in value of the U.S. dollar, which will affect margins because of the fluctuations and the battle by some against the Chinese renminbi, which they'll have to attempt to protect themselves against.
ArcelorMittal closed at $47.33 Thursday, rising $1.66, or 3.63 percent. Carpenter Technology surged to close at $35.51, gaining $0.96, or 2.78 percent. US Steel was up to $47.33 at the end of the trading session, gaining $1.66, or 3.63 percent.
Commodity prices rising included oil prices, gold, silver and aluminum. Gold prices reached record levels again, straining toward the $1,400 an ounce level. Silver broke the $26 level, and seems poised to continue moving up.
The steel industry could go through a period of uncertainty as currencies respond to the fall in value of the U.S. dollar, which will affect margins because of the fluctuations and the battle by some against the Chinese renminbi, which they'll have to attempt to protect themselves against.
ArcelorMittal closed at $47.33 Thursday, rising $1.66, or 3.63 percent. Carpenter Technology surged to close at $35.51, gaining $0.96, or 2.78 percent. US Steel was up to $47.33 at the end of the trading session, gaining $1.66, or 3.63 percent.
Monday, September 13, 2010
Citigroup (NYSE:C): No Estimates on When Enbridge (NYSE:EEP) Pipeline to Restart
A deadline from the Environmental Protection Agency has passed, and the Enbridge (NYSE:EEP) pipeline transporting oil from Canada across the U.S. remains closed.
Consequently, the price of oil soared to its highest level since August 11, increasing $1.59 to $78.04 early in the trading session at the New York Mercantile Exchange.
Citigroup analyst Tim Evans in a note, "The petroleum markets were trading higher in early going Monday, with support coming from a stronger equity market, a weaker U.S. dollar, and ongoing concerns regarding the Enbridge pipeline outage as there were still no estimates on how long the disruption of Midwest crude oil deliveries will last."
Workers are getting ready to cut the section of the pipeline which caused the leak and replace it.
Over 6,000 barrels of oil have leaked from the pipe.
Consequently, the price of oil soared to its highest level since August 11, increasing $1.59 to $78.04 early in the trading session at the New York Mercantile Exchange.
Citigroup analyst Tim Evans in a note, "The petroleum markets were trading higher in early going Monday, with support coming from a stronger equity market, a weaker U.S. dollar, and ongoing concerns regarding the Enbridge pipeline outage as there were still no estimates on how long the disruption of Midwest crude oil deliveries will last."
Workers are getting ready to cut the section of the pipeline which caused the leak and replace it.
Over 6,000 barrels of oil have leaked from the pipe.
Tuesday, May 25, 2010
Exxon (NYSE:XOM), Chevron (NYSE:CVX) Down on Lower Oil Prices
The price of oil futures plunged below the $69 a barrel mark to close the day at $68.75 a barrel, dropping as low as $67.15 a barrel. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) closed down as well, moving in unison with oil prices today.
Exxon Mobil dropped 48 cents, or 0.8 percent, to $59.71, while Chevron was down 87 cents, or 1.2 percent, to $72.57.
Volume was high for both companies, with 22,308,218 Chevron share changing hands, in contrast to the 3-month average of 10,814,000. Exxon Mobil surged to 50,536,767 shares being exchanged, against the 3-month average of 28,592,600.
The Dow Jones Industrial Average declined by 22.82 points, to finish at 10043.75, a 0.23 percent drop.
Exxon Mobil dropped 48 cents, or 0.8 percent, to $59.71, while Chevron was down 87 cents, or 1.2 percent, to $72.57.
Volume was high for both companies, with 22,308,218 Chevron share changing hands, in contrast to the 3-month average of 10,814,000. Exxon Mobil surged to 50,536,767 shares being exchanged, against the 3-month average of 28,592,600.
The Dow Jones Industrial Average declined by 22.82 points, to finish at 10043.75, a 0.23 percent drop.
Friday, May 14, 2010
Exxon Mobil (NYSE:XOM) Down as Crude Plunges
Crude oil prices continue to plunge, bringing energy companies like Exxon Mobil (NYSE:XOM) down with them. Exxon today fell has fallen by over 2 percent as of a little after 1:30 P.M. EST, and crude oil was as low as $72.60 a barrel on the New York Mercantile Exchange, a 2.4 percent drop.
Much of this is because oil inventories are much higher than expected, implying consumer spending is down in relationship to that.
This could, and probably will continue on through the summer, as the economy continues to sputter, contrary to massaged data where official attempt to paint the brightest economic picture they can.
The sovereign debt crisis in Europe and China battling inflation will continue to pressure raw materials and products as they cut back in order to stop the collapse of their economy, in the case of Europe, and the bursting of a bubble in China.
Much of this is because oil inventories are much higher than expected, implying consumer spending is down in relationship to that.
This could, and probably will continue on through the summer, as the economy continues to sputter, contrary to massaged data where official attempt to paint the brightest economic picture they can.
The sovereign debt crisis in Europe and China battling inflation will continue to pressure raw materials and products as they cut back in order to stop the collapse of their economy, in the case of Europe, and the bursting of a bubble in China.
Monday, May 10, 2010
Alcoa Inc. (NYSE:AA), Century Aluminum (NASDAQ:CENX), Up on Sovereign Debt Loan Package
Alcoa Inc. (NYSE:AA) and Century Aluminum (NASDAQ:CENX) have responded strongly to the news the European Union is going to offer a loan package for the sovereign debt crisis valued at close to $1 trillion.
When writing this Alcoa has surged by close to 3.5 percent while Century Aluminum rose by 7.77 percent.
The euro unsurprisingly gained strenght against the U.S. dollar while crude oil and copper rose early in the day as commodity investors liked the news.
When writing this Alcoa has surged by close to 3.5 percent while Century Aluminum rose by 7.77 percent.
The euro unsurprisingly gained strenght against the U.S. dollar while crude oil and copper rose early in the day as commodity investors liked the news.
Friday, April 16, 2010
Oil Drops on Goldman Sachs (NYSE:GS) Fraud Charges
Oil falls on news of fraud charges against Goldman Sachs
It seems almost everything responded negatively to the news Goldman Sachs (NYSE:GS) was being charged with fraud by the Securities and Exchange Commission, including crude oil, which dropped by $2.70 to $82.81 a barrel on the NYMEX.
Equities and other commodities fell as well, with gold prices getting hit hard, dropping by over $24 in mid-day trading.
In what appears to be an over-response to the relatively benign situation, it tells me traders know the market is flying way too high, and with commodity prices, for the most part, at very high levels as well, anything that spooks traders and investors seems ready to put heavy downward pressure on the markets.
Investors are getting leery of the optimism being portrayed by the media concerning the markets, and they know much of it is hype and not based on fundamentals, and the market is poised for a heavy correction, as evidenced by the response to something that shouldn't be taken as that big of a deal.
It seems almost everything responded negatively to the news Goldman Sachs (NYSE:GS) was being charged with fraud by the Securities and Exchange Commission, including crude oil, which dropped by $2.70 to $82.81 a barrel on the NYMEX.
Equities and other commodities fell as well, with gold prices getting hit hard, dropping by over $24 in mid-day trading.
In what appears to be an over-response to the relatively benign situation, it tells me traders know the market is flying way too high, and with commodity prices, for the most part, at very high levels as well, anything that spooks traders and investors seems ready to put heavy downward pressure on the markets.
Investors are getting leery of the optimism being portrayed by the media concerning the markets, and they know much of it is hype and not based on fundamentals, and the market is poised for a heavy correction, as evidenced by the response to something that shouldn't be taken as that big of a deal.
Monday, April 5, 2010
Goldman Sachs (NYSE:GS) Oil Nearing $100
Oil Prices Going Up
Goldman Sachs (NYSE:GS) has stated they believe oil prices will increase to the $92 to $97 range in the next six months, and even possibly reach it in the next 90 days.
The reasoning behind the assertion is their belief demand will pick up to the place of supply not being able to meet it.
Bank of America thinks it'll get worse than that, with prices getting as high as $110 for oil, and possibly even going as high a $150 before the end of the year.
The only caveat I have with that is if people are really ready to open their wallets and start traveling in a way that would generate that type of demand. We'll see in a couple of months.
Oil Prices Going Up
Goldman Sachs (NYSE:GS) has stated they believe oil prices will increase to the $92 to $97 range in the next six months, and even possibly reach it in the next 90 days.
The reasoning behind the assertion is their belief demand will pick up to the place of supply not being able to meet it.
Bank of America thinks it'll get worse than that, with prices getting as high as $110 for oil, and possibly even going as high a $150 before the end of the year.
The only caveat I have with that is if people are really ready to open their wallets and start traveling in a way that would generate that type of demand. We'll see in a couple of months.
Oil Prices Going Up
Friday, April 2, 2010
JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS) Commodities Trading
Commodities Trading
The proposal by Commodity Futures Trading Commission head Gary Gensler could be a devasting blow to commodity traders like JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) which have counted on commodities trading as a major portion of their revenue, which in the case of Goldman Sachs is ten percent of their total revenue over the last several years.
For J.P. Morgan, they said in their recent letter to shareholders that the commodities trading business for the company has more than doubled since 2006.
Two important commodities sectors Gensler wants to put limits on are metals and oil contracts, allowing only double the volume of other commodity investors.
In other carnage Gensler wants to impose on the commodities market, he also is pushing to bring what he is calling more "transparency" to the over the counter trading markets by forcing investors to trade through a centralized, regulated clearinghouse.
Commodities Trading
The proposal by Commodity Futures Trading Commission head Gary Gensler could be a devasting blow to commodity traders like JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) which have counted on commodities trading as a major portion of their revenue, which in the case of Goldman Sachs is ten percent of their total revenue over the last several years.
For J.P. Morgan, they said in their recent letter to shareholders that the commodities trading business for the company has more than doubled since 2006.
Two important commodities sectors Gensler wants to put limits on are metals and oil contracts, allowing only double the volume of other commodity investors.
In other carnage Gensler wants to impose on the commodities market, he also is pushing to bring what he is calling more "transparency" to the over the counter trading markets by forcing investors to trade through a centralized, regulated clearinghouse.
Commodities Trading
Thursday, April 1, 2010
Citigroup (NYSE:C) Survey Says Commodities Bearish
Commodity Bears
A survey by Citigroup (NYSE:C) of professional investors found investing in commodities is be turning bearish and growing.
Most of this is based on stocks related to basic materials, which are considered high priced at this time, with little in the way of significant profits being generated with them.
Along with the obvious building materials industries, other sectors include steel, minerals, diversified chemicals and metals.
Oil is also expected to remain level based on little increase in demand, although there is a lot of contrary thought on that, as many feel it'll rise into $90 a barrel in 2010.
In general, this survey talks more of companies reliant on commodities than they do on pure commodity plays. We also have to consider individual commodities as well, where some are poised to surge like iron ore and gold, while others need to be approached with a long term outlook.
A survey by Citigroup (NYSE:C) of professional investors found investing in commodities is be turning bearish and growing.
Most of this is based on stocks related to basic materials, which are considered high priced at this time, with little in the way of significant profits being generated with them.
Along with the obvious building materials industries, other sectors include steel, minerals, diversified chemicals and metals.
Oil is also expected to remain level based on little increase in demand, although there is a lot of contrary thought on that, as many feel it'll rise into $90 a barrel in 2010.
In general, this survey talks more of companies reliant on commodities than they do on pure commodity plays. We also have to consider individual commodities as well, where some are poised to surge like iron ore and gold, while others need to be approached with a long term outlook.
Friday, March 26, 2010
Oil Prices Drop to $80 A Barrel
Oil prices down
Oil prices dropped 53 cents to end the session at $80 a barrel, ending the week down 2 percent.
Uncertainty about whether we're really pulling out of the recession continue to weigh on the minds of investors, and that has had an impact on oil prices which have been trading in a tight range recently because of no clues as to where things are headed economically.
While no clear direction remains, we'll continue to find oil reacting in this manner.
Oil prices dropped 53 cents to end the session at $80 a barrel, ending the week down 2 percent.
Uncertainty about whether we're really pulling out of the recession continue to weigh on the minds of investors, and that has had an impact on oil prices which have been trading in a tight range recently because of no clues as to where things are headed economically.
While no clear direction remains, we'll continue to find oil reacting in this manner.
Friday, March 19, 2010
Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) Drop as Oil Falls
Exxon Mobil, Chevron Down with Oil Futures
Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) dropped in early trading as crude oil futures fell below $81 a barrel.
This wasn't a complete surprise, as it seems the market was looking for an excuse for a breather after a week of moving upward.
Pressures also came from ongoing concerns over Greek sovereign debt and the Reserve Bank of India surprisingly increasing its repurchase rate to 5 percent, something that caught the markets off guard.
Worries are circulating that China could be next in line to make a similar move.
Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) dropped in early trading as crude oil futures fell below $81 a barrel.
This wasn't a complete surprise, as it seems the market was looking for an excuse for a breather after a week of moving upward.
Pressures also came from ongoing concerns over Greek sovereign debt and the Reserve Bank of India surprisingly increasing its repurchase rate to 5 percent, something that caught the markets off guard.
Worries are circulating that China could be next in line to make a similar move.
Wednesday, March 10, 2010
Marathon Oil (NYSE:MRO) Drilling 25 New Wells
Marathon Oil Drilling 25 New Oil Wells
Oil wells in the Oregon Basin have been producing oil for close to 100 years, and even though Marathon Oil (NYSE:MRO) hasn't been drilling there for a couple of years, they're poised to start again with a goal of drilling another 25 new wells in the region.
Along with the search for new oil, Marathon will also be employing new techniques to extract known oil resources for existing wells, possibly through the use of carbon dioxide or steam to push the oil to the surface; although that is more costly and will depend on market prices at the time whether it's feasible or not.
Crude in the Oregon Basin is called asphaltic crude, and is used in highway construction. Increased demand and prices make it worth the effort to start drilling for it again.
In general, this type of crude is close to 30 percent in value than light sweet crude, but that has narrowed recently, again, making it economically feasible to puruse by Marathon Oil and other energy companies.
Marathon Oil Drilling 25 New Oil Wells
Oil wells in the Oregon Basin have been producing oil for close to 100 years, and even though Marathon Oil (NYSE:MRO) hasn't been drilling there for a couple of years, they're poised to start again with a goal of drilling another 25 new wells in the region.
Along with the search for new oil, Marathon will also be employing new techniques to extract known oil resources for existing wells, possibly through the use of carbon dioxide or steam to push the oil to the surface; although that is more costly and will depend on market prices at the time whether it's feasible or not.
Crude in the Oregon Basin is called asphaltic crude, and is used in highway construction. Increased demand and prices make it worth the effort to start drilling for it again.
In general, this type of crude is close to 30 percent in value than light sweet crude, but that has narrowed recently, again, making it economically feasible to puruse by Marathon Oil and other energy companies.
Marathon Oil Drilling 25 New Oil Wells
Tuesday, February 23, 2010
Rio Tinto (LON:RIO) and Raw Materials in Big Gains
Raw Materials Producers
Those companies producing raw materials experienced strong gains as companies like Rio Tinto (LON:RIO) and BHP (ASX:BHP) enjoyed stong surges in price.
This was also reflected beyond commodity companies and raw material producers, as the London Metal Exchange Index increased by almost 2 percent, and crude oil for March delivery increased by 0.4 percent.
A number of oil exploration companies moved in synch with the index movements and other raw material upward price movements as well.
Raw Materials Producers
Those companies producing raw materials experienced strong gains as companies like Rio Tinto (LON:RIO) and BHP (ASX:BHP) enjoyed stong surges in price.
This was also reflected beyond commodity companies and raw material producers, as the London Metal Exchange Index increased by almost 2 percent, and crude oil for March delivery increased by 0.4 percent.
A number of oil exploration companies moved in synch with the index movements and other raw material upward price movements as well.
Raw Materials Producers
Saturday, January 9, 2010
Crude Oil Prices Going Up
Crude oil prices
Crude oil prices continue to hold at above $80 per barrel, as cold weather continues to plunge America, and other parts of the world in freezing temperatures.
Fridays' close was at $83 a barrel on the New York Mercantile Exchange, as the cold front continues to linger and shows no signs of leaving any time soon.
Over the last couple of weeks since the cold front has moved down the country, light sweet crude oil prices have continue to go up in response to the cold.
Some other energy prices have gone up as weel, with heating oil increasing to over $2.2 a gallon, while reformulated gasoline prices rose to $2.16 a gallon. One bright spot for consumers was natural gas, which lost 0.06 cents to $5.746 per million British thermal units.
Gasoline prices have shot up to $2.727 a gallon recently for unleaded for a national average.
Crude Oil Prices Going Up
Crude oil prices continue to hold at above $80 per barrel, as cold weather continues to plunge America, and other parts of the world in freezing temperatures.
Fridays' close was at $83 a barrel on the New York Mercantile Exchange, as the cold front continues to linger and shows no signs of leaving any time soon.
Over the last couple of weeks since the cold front has moved down the country, light sweet crude oil prices have continue to go up in response to the cold.
Some other energy prices have gone up as weel, with heating oil increasing to over $2.2 a gallon, while reformulated gasoline prices rose to $2.16 a gallon. One bright spot for consumers was natural gas, which lost 0.06 cents to $5.746 per million British thermal units.
Gasoline prices have shot up to $2.727 a gallon recently for unleaded for a national average.
Crude Oil Prices Going Up
Monday, August 11, 2008
Commodity News Around the Network
Arian Silver's Exploration Update-San Jose: Phase-1 Drill Results Summary; Phase-2 Drilling Progresses
High Desert Gold Plans to Drill the Bluebird Copper-Silver Property
Happy Corn Subsidy Pacific Ethanol: Company Gets Clobbered with High Corn Prices
Oil Drops Below $115 a Barrel
More Reasons to Drop the Ethanol Nonsense
Gold Plunges Below $820 an Ounce
ECB Launching U.S. dollar Liquidity-providing Operation
Wheat Growers Facing Tough Cost-Control Challenges in 2009
High Desert Gold Plans to Drill the Bluebird Copper-Silver Property
Happy Corn Subsidy Pacific Ethanol: Company Gets Clobbered with High Corn Prices
Oil Drops Below $115 a Barrel
More Reasons to Drop the Ethanol Nonsense
Gold Plunges Below $820 an Ounce
ECB Launching U.S. dollar Liquidity-providing Operation
Wheat Growers Facing Tough Cost-Control Challenges in 2009
Tuesday, August 5, 2008
Platinum, Crude Oil, Corn Drag Commodities Lower
Demand continues to be a big drag upon commodities, as slowing economic growth continues to hammer raw materials and agricultural products in a number of areas.
We talked about platinum and palladium last post, which is being directly impacted from the declining auto industry.
But cooler and wetter weather has also increased the outlook for corn, which has been plummeting since corn reached a record price of $7.30 a barrel on the CBOT Friday the 13th of 2008. Corn fell today to a four-month low of $5.3625 a bushel, a 3.5 percent drop.
With the World Bank predicting global growth for crude oil dropping from the 2007 levels of 3.7 percent to 2.7 percent this year, prices have been dropping, going as low as $188 a barrel.
Other commodities plunging have been rubber, which is now at a two-month low; palm oil; nickel, which fell to a two-year low ($17,450 a metric ton); and zinc, which is at its lowest since December 2005 ($1,730 a ton); and soybeans, which fell 3.4 percent to $12.51 a bushel.
Commodity-tracking indexes show investors took out $680 million out of commodities last week, a record sixth week in a row.
"I'm not saying the long-term upward trend for commodities is going to come down," Mark Mobius, who oversees about $40 billion in emerging-market equities at Templeton Asset Management Ltd. in Singapore, said in an interview. "But you're going to see this overreaction, or the higher prices that we've seen recently that are beyond the trend, come back down again."
We talked about platinum and palladium last post, which is being directly impacted from the declining auto industry.
But cooler and wetter weather has also increased the outlook for corn, which has been plummeting since corn reached a record price of $7.30 a barrel on the CBOT Friday the 13th of 2008. Corn fell today to a four-month low of $5.3625 a bushel, a 3.5 percent drop.
With the World Bank predicting global growth for crude oil dropping from the 2007 levels of 3.7 percent to 2.7 percent this year, prices have been dropping, going as low as $188 a barrel.
Other commodities plunging have been rubber, which is now at a two-month low; palm oil; nickel, which fell to a two-year low ($17,450 a metric ton); and zinc, which is at its lowest since December 2005 ($1,730 a ton); and soybeans, which fell 3.4 percent to $12.51 a bushel.
Commodity-tracking indexes show investors took out $680 million out of commodities last week, a record sixth week in a row.
"I'm not saying the long-term upward trend for commodities is going to come down," Mark Mobius, who oversees about $40 billion in emerging-market equities at Templeton Asset Management Ltd. in Singapore, said in an interview. "But you're going to see this overreaction, or the higher prices that we've seen recently that are beyond the trend, come back down again."
Wednesday, April 9, 2008
Commodities Leap the Highest in 2 Weeks; Records for Corn, Oil, Gas
After U.S. government reports confirmed supply for energy and grain can't keep up with the demand, commodities surged the most in two weeks, led by record-breaking prices for corn, oil and gasoline.
"Supplies for a lot of different commodities are dwindling as demand has gained globally," said Michael Pento, a senior market strategist at Delta Global Advisors in Huntington Beach, California, which manages about $1.5 billion. "I'm bullish on all commodities."
Crude oil leaped as high as $112.21 a barrel, while corn ended at $6.16 a bushel, as inventory fell below anticipated levels.
Setting a new record was gasoline futures as well, climbing to $2.8228 a gallon, a reflection of what it costs wholesale.
Friday, April 4, 2008
Weekend Commodity News
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Natural Gas Rises as Falling Dollar Lifts Appeal of Commodities
Natural gas advanced as the dollar fell against the euro, lifting the appeal of commodities as an alternative investment.
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RPT London shares close up, strong commodities overshadow weak U.S. data
Leading shares closed firmer Friday, near the session high, as strength among commodity stocks overshadowed initial disappointment over a bigger-than-expected fall in non-farm payrolls data in the United States.
=====
Commodities Wrap: Grain Prices Rise
Concern over whether there will be enough corn to meet demand this year led to record-high prices this week, while wheat prices surged on fears bad weather could damage crops.
=====
Corn hits record in broad rally despite firmer dlr
Corn closed up after hitting record highs for a second straight session on Thursday, pulling other agricultural markets along in a rally, and copper joined gold on the ride up too despite a firmer dollar.
Soft commodities like coffee, cocoa, sugar, cotton and orange juice ended higher as well.
=====
European Markets Rise, Led By Commodities
The European markets rose on Friday, capping the biggest weekly gain in a year, as mining stocks rallied on broker upgrades and heavily weighted energy stocks gained on rising crude oil prices.
=====
Silver News Around the Web
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Weekend Corn News Roundup
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Oil News Around the Web
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Keeping up with Ethanol: News Around the Web
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Keeping up with Gold News: Weekend Roundup
=====
Weekend Eye on the U.S. Dollar
=====
The Weekend Wheat News
=====
Natural Gas Rises as Falling Dollar Lifts Appeal of Commodities
Natural gas advanced as the dollar fell against the euro, lifting the appeal of commodities as an alternative investment.
=====
RPT London shares close up, strong commodities overshadow weak U.S. data
Leading shares closed firmer Friday, near the session high, as strength among commodity stocks overshadowed initial disappointment over a bigger-than-expected fall in non-farm payrolls data in the United States.
=====
Commodities Wrap: Grain Prices Rise
Concern over whether there will be enough corn to meet demand this year led to record-high prices this week, while wheat prices surged on fears bad weather could damage crops.
=====
Corn hits record in broad rally despite firmer dlr
Corn closed up after hitting record highs for a second straight session on Thursday, pulling other agricultural markets along in a rally, and copper joined gold on the ride up too despite a firmer dollar.
Soft commodities like coffee, cocoa, sugar, cotton and orange juice ended higher as well.
=====
European Markets Rise, Led By Commodities
The European markets rose on Friday, capping the biggest weekly gain in a year, as mining stocks rallied on broker upgrades and heavily weighted energy stocks gained on rising crude oil prices.
=====
Silver News Around the Web
=====
Weekend Corn News Roundup
=====
Oil News Around the Web
=====
Keeping up with Ethanol: News Around the Web
=====
Keeping up with Gold News: Weekend Roundup
=====
Weekend Eye on the U.S. Dollar
=====
The Weekend Wheat News
=====
Monday, March 31, 2008
Commodities Drop in Quarterly Sell-Off
Many commodity prices plunged today as investors partook in profit-taking at the end of the quarter. Another factor was the report by the U.S. Department of Agriculture which said there will be a supply problem in corn, wheat and soybeans this year, as stockpiles around the world declined.
There wasn't a commodity sector that didn't experience strong declines and sell-offs.
Agriculture
While the number of acres dedicated to corn planting this year have fallen, soybeans and wheat, on the other hand are increasing, with 75 million acres projected to be planted for soybeans and 64 million acres for wheat in 2008. That's an 18 percent increase for soybeans and a 5.5 percent increase for wheat over last year's total.
Corn prices increased on the news there would be only 86 million acres planted this year, in contrast to the 93.6 million planted last year; a drop of 8 percent. Corn ended at $5.6725 a bushel on the CBOT.
Metals
Major metals also fell, with gold, silver and copper all dropping as investors assured themselves profits at the quarter's end. Gold dropped by $14.40 to finish at $916.20 an ounce on the NYMEX. Silver fell 62.5 cents to settle at $17.275 an ounce, and copper prices for May declined by 0.5 cent to end the day at $3.8635 on the NYMEX.
Energy
Futures for energy also fell, as crude oil for May delivery finished down by $4.04, ending at $101.58 a barrel on the NYMEX.
Gasoline futures for April plunged by 10.07 cents, ending at $2.6163 a gallon. Heating oil also dropped 5.58 cents to settle at $3.0492 a gallon.
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