Crude Oil Falls Ahead Of Inventory Data

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With no economic news released today the main focus for the treasury market was the auction of $10 Bln 20-year TIPS. $22 Bln 2-year T-Notes will be auctioned tomorrow and supply is clearly weighing on treasuries which closed lower today.

Comments by Fed Governor Olsen help send the Dollar higher versus the Euro.

In the energies, Crude Oil fell for the second consecutive day, along with Unleaded Gasoline and Heating Oil. March Crude Oil (CLH6) closed at $67.06. Natural Gas closed slightly higher after hitting a multi-month low yesterday. Natural Gas has been falling sharply since mid-December and failed to rally last week despite its deeply oversold condition.

Among the metals, Gold (Futures Pivots) posted an inside-day, trading in a narrow range. Copper hit a new all-time high.

Cocoa plunged after a second day of heavy selling. Sugar (Futures Pivots) rallied strongly after yesterday's reversal.

Corn (Futures Pivots) and Wheat (Futures Pivots) rallied but Soybeans (Futures Pivots) closed flat.

No economic news today

Ashton Dorkins
ashtond@tradingmarkets.com