Crude drops below $70 ...COMDX Commodities Summary
Ahead of weekly inventory stats due out at 10:30est (Bloomberg ests looking for a draw of 1.5 mln barrels), crude oil is up 10 cents to $69.81pbl (range is 69.72 to 70.25); the move back over $70 is due to speculation Iran will ignore tomorrow's UN deadline to cease enrichment of uranium. Oct natural gas, now the spot contract, is off 13 cents to $6.63mbtu (range is 6.58 to 6.77). Heating oil is up 1.43 cents to $1.9575/gal (range is 1.9470 to 1.9625). Gasoline is up .58 of a cent to $1.7950/gal (range is 1.7869 to 1.8025); RBOB gas is unch at $1.8250 (we are hearing the recent slide in gasoline has been helped by Goldman Sachs preparing to move its index from motor gasoline to RBOB; we are told Goldman has already sold 30k contracts of gasoline and that money will not go into RBOB, rather it will be distributed into WTI crude and distillate); traders we spoke w/ said they don't want to get long Oct cracks until Sep products expire tomorrow; Oct HO cracks rose 33 cents yesterday to $13.60 while Oct HU cracks rose $1.40 to $3.80... Gold is up $5.90 to $625 (helped by a slightly weaker than expected Prelim Q2 GDP figure and ahead of tomorrow's UN deadline for Iran to cease enriching uranium). Dec silver is up 9 cents to $12.41 (resistance is seen at $12.46)... Copper rises 2.1 cents to $3.405 a pound on the COMEX; Sucden, a floor trading co on the LME, thinks copper can take out the record $8,800 seen in May (currently $7,400); BHP's Escondida worker strike continues (in the 4th week); we note speculation that Chile may have the 1st monthly drop in output since March b/c of Escondida and Codelco's rockslide, which hurt production. Nickel fell $870 on the LME to $27,625 on speculation stockpiles may increase; platinum set at $1,227 while palladium set at $341 in London morning fixings.
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Tell Her your plans ....
