Commodities Update: Oil Spikes Following Inventory Data
In the energy space, Sept crude oil was in an uptrend for most of the morning activity and after a little choppy action since hitting its morning high, crude just spiked about $0.60/barrel to a new HoD ogf $89.20/barrel on bullish invenory data. Oil is now +0.9% at $88.81/barrel.
Sept natural gas rallied sharply off its morning low of $3.14, but is now back in the red, down 0.5% at $3.19/MMBtu.
In metals, August gold and Sept silver just dropped off of a cliff in recent activity with gold falling as low as $1606.80 and silver declining down to $27.06. Both precious metals have recovered only modestly and are currently just above those lows. Gold is now -0.8% at $1601.30/oz and silver is -2.4% at $27.25/oz. July copper is trading lower this morning, now down 1.5% at $3.37/lb.
In ag, grains sold off in overnight activity with Dec corn falling back below $8.00/bushel. Corn, wheat and soybeans all sold off and are now just above those session lows. Corn -1.6% at $7.93/bu, soybeans -0.8% at $16.29, wheat -2.6% at $8.65/bu.