Commodity Blog |
| Crude Oil Drops as Corporate Earnings Miss Estimates Posted: 23 Oct 2012 04:31 PM PDT Crude oil declined as companies’ earnings missed estimates. The forecasts for future profits also worsened. Faurecia, the bigger European maker of car interiors, reduced its outlook for sales in the fourth quarter. The quarterly profit of Posco ( The general market sentiment was negative for crude as traders were reluctant to buy commodities among signs of global economic slowdown. The Standard & Poor's GSCI Index dropped as much as 1.4 percent today. The S&P 500 Index was also down 1.4 percent. Amid all the negative factor, there was some good news for oil. The Keystone pipeline will return to full capacity only in about a month. That means less additional supply, leading to smaller downside pressure on crude. Crude oil (light sweet) fell from $88.86 to close at $86.55 per barrel on NYMEX today. The daily low of $85.70 was the lowest since July 12. |
| Precious Metals Suffer as Global Economy Struggles Posted: 23 Oct 2012 01:25 PM PDT Gold dropped today to the lowest level since September on concerns about global economic growth. Other precious metals were also down. Spain remains in recession for the fifth quarter in a row and, on top of that, Moody’s Investors Service downgraded credit ratings of five Spanish regions (even though the rating agency maintained the rating of Spain itself). France’s industrial confidence reached the lowest level in more than three years. News from the United States was not good either. The Richmond Manufacturing Index fell to -7 this month, even though analysts have hoped it to stay in the positive territory, near the previous month’s figure of 4. Markets were bad for raw materials today and the Standard & Poor's GSCI Spot Index erased this year’s gains. Gold dropped from $1,725.58 to $1,706.88 per troy ounce as of 20:15 GMT today on COMEX, touching $1,703.84 intraday — the lowest price since September 7. Silver declined from $32.20 to $31.58 per troy ounce, platinum was down from $1,602.75 to $1,568.25 per ounce and palladium fell from $621.00 to $591.75 per ounce. |
| You are subscribed to email updates from Commodity Blog To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment