Posts By: Matt Insley
Copper headed for the biggest loss in two weeks as increased government scrutiny of corporate debt in China, the commodity’s biggest user, fueled concern that defaults by manufacturers will curb demand, reports Bloomberg. Many companies hold the metal as collateral which would be released into the marketplace if those companies were to default on bonds. [...]
Oil futures remained above $102 a barrel due to lingering concerns over Ukraine and talk that the reopening of Libyan oil ports may be delayed. According to Marketwatch, the Ukraine government has recently warned pro-Russian activists who took over state buildings in eastern Ukraine cities to enter talks or face the use of force. In [...]
The average price for regular gasoline at U.S. pumps rose 4.9 cents in the past two weeks to $3.61 a gallon, the highest since last July. Current demand for gasoline remains .8 percent above the five-year seasonal average. Motor fuel stockpiles have fallen 7.6 percent in six straight weeks of decline, reports Bloomberg.
Four oil terminals that have been occupied by Libyan rebels for eight months will now be slowly reopened, reports Marketwatch. The two smaller ports, which have a combined export capacity of 200,000 barrels, are expected to open immediately, while the two larger ports are due to open over the next four weeks. The re-openings would [...]
According to Bloomberg, aluminum reached a 2014 high amid continued cuts in production of the lightweight metal. Alcoa Inc. stated that they will cut production at some of its Brazilian smelters after they declared it was shutting down an Australian smelter a month prior. Leading global producer of aluminum, United Co. Rusal, said that their [...]
Workers at Anglo American PLC and GlencoreXstrata’s PLC Collahuasi copper mine in Chile have been evacuated after a major earthquake struck the nation, reports Marketwatch. “We evacuated Collahuasi last night for obvious safety reasons. We will be inspecting the site for any damage today,” according to an Anglo American spokesman. Collahuasi is located 200 kilometers [...]
With the right trading mindset, you can turn America’s glowing natural gas future into profits. Today, I want to give you a snapshot of where I think natgas is heading for the rest of the year, and how you can continue to make gains as America’s energy renaissance kicks into high gear! But first, be [...]
According to Marketwatch, oil prices advanced 2.2% for the week as optimistic U.S. economic data buoyed prospects for energy demand. However, as March comes to a close, crude futures are set for a monthly loss, approximately a .9 percent decline in price. Tyler Richey, and analyst for the 7:00’s Report stated “Looking forward, we expect [...]
Gold futures fell for a fourth straight session as a rally in U.S. equities cut demand for the metal as a haven asset, reports Bloomberg. Prices fell 2.1 percent this month after Federal Reserve Chair Janet Yellen announced the central bank’s debt buying program may end this fall with interest rates starting to rise six [...]
Recently, the Coast Guard reopened all lanes of the Houston Ship Channel, home to the nation’s largest petrochemical complex and export port for the first time since March 22, 2014, when a shipping accident caused a 4,000 gallon oil spill. Voyages are currently restricted to daylight hours, but the channel will become fully operational, 24 [...]
Natural gas dropped near a 10-week low as forecasts predicted warmer weather which would reduce demand for the heating fuel during the cold spell brought on by the lingering polar vortex. According to Bloomberg, gas fell 1.3 percent while futures slumped 32 percent from a five-year high of $6.49 on February 24th on predictions of [...]
That’s the number you should concentrate on today, and for the next nine months. It’s a specific number, to be sure. But it’s as important a number as you’ll see in today’s gold market. And if you’ve been waiting for the next leg higher in precious metals, you’ll want to keep an eye on those [...]
A barge containing about 22,000 barrels of crude oil partially sank near Texas City, Texas, spilling approximately 4,000 barrels into the Houston Ship Channel, closing the shipping lane. According to Bloomberg, the accident took place when two ships collided around noon this past Saturday. The 52-mile shipping lane is a key transit route for processed [...]
Copper dropped to a 44-month low after the collapse of a real-estate developer in China, which fueled concern that defaults by indebted companies will severely decrease the metals demand. According to Bloomberg, Zhejiang Xingrun Real Estate Co. crumbled less than two weeks after China’s first onshore bond default. Goldman Sachs predicts that 1 million metric [...]
According to Bloomberg, gold futures fell the most in six weeks on speculation that the Federal Reserve will taper monetary stimulus as the economy gains, which would curb demand for the precious metal as a store of value. Gold has advanced 13 percent this year, but futures recently fell 1.4 percent to $1,340.20 on the [...]
“As long as more goods move from place to place in this country, rails are going to get their share, and it should be a very profitable business,” says the investably infallible Warren Buffett. Rail has “real economic advantages,” he says. We agree. America’s energy boom has provided the country with countless windfalls: cheaper feedstock [...]
Despite an abysmal year for gold in 2013, hedge fund managers are returning to gold and wheat “as the escalating crisis in Ukraine spurs a rebound in the prices of both commodities” reports Bloomberg. Bullion reached a 6-month high as gold climbed 3 percent last week to $1,379 an ounce and wheat entered a bull market as Crimea prepared [...]
“Unprecedented natural gas reserves in Europe, record global grain output and the threat of mutual economic calamity from oil sanctions are cushioning commodity prices even as the Ukraine-Russia conflict spurs a gold rally” reports Bloomberg. Wheat and corn advanced 13 percent and 4.3 percent respectively, which remain below the peaks in 2010, the last time Russia [...]
Bloomberg reports that Anglo American Platinum Ltd., Impala Platinum Holdings Ltd., and Lonmin PLlc have lost about 499,000 ounces of platinum output due to an eight week-long strike within South African mines, which is more than the 496,359 ounces lost in 2012 due to a similar strike. Combined, the companies have lost more than 8 billion [...]
According to Bloomberg, West Texas Intermediate crude “fell to a one-month low as U.S. supplies climbed three times as much as analysts forecasted and refinery utilization declined.” Crude stockpiles rose 6.18 million barrels last week, which exceeded the 2 million median estimate. Rich IIczyszyn, chief marketing strategist and founder of litrater.com stated “The bigger-than-expected build certainly [...]
WTI and Brent crudes decreased after Chinese exports unexpectedly sank after concern that China’s economy will begin to falter amid reports of declining exports. According to Bloomberg, the decline in China’s exports was the largest since the global financial crisis five years ago, which caused the WTI and Brent to drop 1.3% and 0.8%, respectively.
According to The Wall Street Journal, copper prices have dropped to their lowest level in more than eight-months, plunging 10% in 2014 due to China’s economic woes. As the world’s largest consumer of copper, China reported a 29% decrease in copper imports from January. Experts are concerned that Chinese companies are using copper as a [...]
After giving up gains made at the height of tensions in Ukraine, gold rose modestly Wednesday, closing above $1,340. Analysts say the current lull could end in upward volatility if things turn violent in Ukraine or if Friday’s U.S. non-farm payroll report is worse than expected.
According to the latest EIA data, U.S. west coast gasoline imports sit a 28-week high this week as stocks fell further. “Stocks,” wrote Platts, “fell for the second consecutive week and the fifth week in the past six… to their lowest levels since hitting 30.328 million barrels the week of December 27.”
Bloomberg reports that global platinum stockpiles may soon be depleting amidst the ongoing labor strikes at South Africa’s largest mines. The stockpiles were intended to keep up supply in just such a scenario, but strikes have lasted longer than expected and deliveries may be disrupted beginning in April.