It was another bearish day for energy prices, with Nat' gas falling -4.1%, settling @ $3.98. WTIC Oil closed lower by a very significant -3.5% @ $74.21. The broader downside target of $65/60 zone looks well within range by early next year.
WTIC, monthly'2
Nat'gas, weekly
Summary
Perhaps most amusing.. if not outright bizarre today, was seeing clown finance TV (channel'1, aka CNBC) hostess... Kelly Evens seem borderline upset at the continued falls in Oil prices.
Evans spoke of the 'commodity bubble bursting'. I almost fell out of my chair, just consider the following...
CRB, weekly, 6yr
Far from being a commodity bubble, commodity prices have been weak since early 2011. I'm not sure who was writing the script for Evans this afternoon, but it was even more incorrect than normal.
Today's CRB close of 264 was the lowest level since Aug'2010, back in the days pre-QE2, and before the Gold/Silver bubble blew up.
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Looking ahead
Friday will see Retail sales, import/export prices, consumer sent' and business inventories. That will be a fair amount for Mr Market to cope with, and if any of the data comes in a little weak, it'll be a very fair excuse for the market to sell lower into the weekend.
*the nat'gas report is also due, a day late, due to the Tues' semi-holiday
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Goodnight from London
