Energies/Metals Update
Crude was well-bid in curb trading on news of possible supply disruptions in Nigeria before turning negative into the US open. Crude has since continued its downward trend and is currently down 1.8% at 129.75. Today’s sell-off appears absent of any major fundamental developments and may be a result of profit-taking. DOE Crude inventories will be released concurrently with Natural Gas Inventories at 10:30am EDT Thursday (due to the Memorial Day holiday).
The US Federal Highway Administration reported Friday that total miles traveled on all public US roads were down 4.3% y-o-y in March, the first March decline since ‘79.
Unleaded is down 0.1% to 340, Heating Oil is flat at 386, and Natural Gas is up nearly 1% to near 12.
Metals were hurt by the stronger dollar (USD Index up 0.3%) and the losses in Crude with Gold down 1.9% to 908. Silver is down about 4% to 17.530, Platinum is down 2% to 2130 and Copper is lower by 0.6% to 371.55.