For most of the year, the three floors that separate energy and metals trading here at the NYMEX have been a tale of two markets. Crude oil prices have slid from the $100 peak to plunge nearly 8 percent so far this year, while gold prices have surged 8 percent. April gold climbed another $5 to $910 today and platinum hit a new record. Funds were pouring money in again.
As Cameron Hanover energy analyst Peter Beutel notes in his newsletter today:
"Oil prices have moved independently of the commodity complex before, but this is February which has historically had a long history of (oil) price weakness."
Beutel says if commodity prices are still higher in March, April and May, oil prices may follow suit. Today's strength in the metals market, despite the stronger U.S. dollar, could support that thesis.
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