A portion of this post was published also in the public section Traders start out the week with the U.S. dollar broadly lower against the major currency pairs. The moves comes on the hope the U.S. policymakers can reach a deal before the fiscal cliff deadline which in turn pushed sentiment toward risk appetite assets and away from the safety of the U.S. dollar.
Welcome to today’s Morning Coffee Break – U.S. markets are coming off a beaten up week with last week Friday the only trading session to see all 3 index in the green. The Dow Jones Industrial Average loss more than 1,000 points last week with 5 out 6 days to the downside.
Oil prices have held within a roughly $2.50/bbl trading range in the past seven days since the initial post-election $4.27/bbl washout on Nov 7th. While the Israel/Gaza conflict has been supportive for the market, it has only been a factor in the last two days of last week.
Welcome to today’s Morning Coffee Break – U.S. markets are getting ready for the final session of a losing week. Markets suffered on increasing focus and concern over the looming fiscal cliff. Opinions surrounding the fiscal cliff differ from one extreme to the other.
Oil prices may continue to fall in the near-term, with WTI potentially reaching $80.00 over the next few weeks. December WTI will expire today, and could lead to a similarly lopsided trade as yesterday’s expiration of December Brent.
The overnight markets are starting to show signs of life again, but considering the bean market is down nearly 10% since the first of the month things are just trying to get its footing again before it starts to run.
Starbucks Corp. (SBUX, quote) announced yesterday it has come to an agreement to purchase tea retailer Teavana Holdings Inc. (TEA, quote) a loose-leaf tea store for approximately $620 million. An all cash deal.
Welcome to today’s Morning Coffee Break – Well it is November 15 the midpoint of the month and the results from the U.S. markets downright a mess you can even say they outright ugly.
A mid-morning attack by Israel of a Hamas leader yesterday sent the oil market higher, but unless the tensions escalate in the near-term, we would anticipate prices to continue moving lower
Natural Gas traded sharply higher settling $3.739 up $0.169, 4.5%. The curve was much firmer 13/17 $0.09 tighter. Hub cash was firmer, ~$0.11 back this morning, Z-6 up $0.30 to $4.00. Algonquin traded up to $8.75 this morning, highest spot price of the year.
