The KUIK Market Update for Thursday, February 11:
Markets are down.
Index Direction Change Units Time
Dow Down (324) points 15,591 8:06 AM
S&P500 Down -1.7% percent 1,820
Nasdaq Composite Down -1.4% percent 4,225
30 Year Treasury Down (9) Basis Points 2.44 Annual Yield
The U.S. Energy Information Administration yesterday reported that crude inventories fell by almost 800,000 barrels for the week ended February 5. That normally would have supported prices. But total stocks showed weekly growth for the 11th week out of 14 with unexpectedly large additions to inventories. The International Energy Agency and the EIA both said this week they expect oversupply to persist for months, keeping prices low. OPEC cut its forecasts for global oil-demand growth, citing lower consumer appetite in Russia and Brazil. March crude is currently donw 2.6% to $26.74 a barrel.
Demand for gold from central banks grew by 25% in the fourth quarter of 2015 to 167 metric tons, compared with 134 metric tons the fourth quarter of 2014, according to the World Gold Council’s latest Gold Demand Trends report. That was when gold prices hit their lowest levels since 2009. Demand was basically flat for all of 2015, but the monthly data showed heavy gold buying in the second half, particularly from China and Russia.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/crude-shrugs-off-supply-decline-pushes-below-27-a-barrel-2016-02-11
http://www.marketwatch.com/story/chinas-central-bank-others-poised-to-beef-up-gold-holdings-2016-02-11
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