- Citi Mortgage Reveals What Treasury Won't
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
- Americans Ditch Planes for Trains this Thanksgiving
- Half of Banks' Losses May Still Be Hidden: IMF Head
- Obama Reiterates Commitment to Boost US-India Ties
- FDIC's Bair Cautions on Risks in Bank Break-Up Plan
- Wednesday's Economic News Crunch Could Tilt Markets
- Call Me Crazy: Confessions of a Black Friday Shopper
- Starbucks Eyes China as Next Major Market
- Citi Mortgage Reveals Something the US Treasury Won't
- Holiday Guide to This Season's Smartphones
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Wednesday's Economic News Crunch Could Tilt Markets
- The Social Media Gaming Threat
- NBA D-League On The Rise
- Obama Reiterates Commitment to Boost US-India Ties
- Japan Export Rebound Eases Fear of New Recession
- Australia Wheat Exporters Face Challenges: GrainCorp
- Stifling Anger at Work Can Kill, Survey Finds
Text Size 
 |
The sharp rally in gold this morning signals most hedge fund liquidation is now over, says RBC Wealth Management's George Gero. The dollar is weaker versus euro and yen and gold is up over 1 percent.
Meanwhile, oil prices briefly dipped below $100 a barrel overnight on concerns that demand for black gold has weakened, but are not over $101. NYMEX crude futures are still $10 below last week's high, but still some bulls say the drop hasn't been that drastic and corrections are par for the course with prices at these levels.
A real test of the bull's stamina will come tomorrow with the Energy Department's weekly oil inventory report--an increase in supply is expected as refiners continue their seasonal maintenance operations and imports rebounded. CNBC contributor Addison Armstong, director of research at Tradition Energy, forecasts crude supplies rose by 800,000 barrels last week, while refinery runs remained unchanged at just under 84 percent capacity.
Heating oil, RBOB gasoline and natural gas options expire tomorrow and natural gas futures expire Thursday adding to volatility in those markets. We're keeping our eye on natural gas, which has closed higher for the past two sessions, while crude for 3 days straight has declined. The amount of natural gas in storage--1.3 trillion cubic feet--is very close to the falling below the five-year average just as a cold front is expected to hit the East coast and Midwest next week.
With natural gas already up 25 percent so far this year, some analysts say there may be little upside left. Citi energy analyst Tim Evans is telling clients to stay on the sidelines for now. But Dennis Gartman of The Gartman Letter says the 50-62 percent retracement of the previous run higher should hold and he's starting to buy natural gas and short crude again.
Questions? Comments?
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes