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Recap Of The Week For September 8, 2017

Recap of the week for September 8, 2017

September 8, 2017

Highlights:

  • Hurricane Irma heading to Florida
  • North Korea continues to cause uncertainty in markets
  • The dollar falls below critical support
  • Some industrial commodities get slammed on Friday
  • Gold up 1.61% on the week at a new high for 2017
  • Silver rallies 1.6% for the week closing above $18 per ounce
  • Platinum up 0.13% and over $1000 per ounce
  • Palladium corrects 4.76% lower after trading to a high of $997.50 at the start of the week
  • Copper falls 2.48% on the week and puts in a bearish key reversal trading pattern on the weekly chart as correction gets underway
  • Iron ore turns around and falls 6.09% for the week
  • The Baltic Index soars 9.46% higher on the week
  • Lumber moves 3.71% higher adding to recent gains this week
  • WTI crude oil up just 0.40% on the week despite inventory builds as it falls from over $49 on Friday
  • Brent up 2.19% as Brent premium over WTI continues to climb higher closes at $5.72 premium to WTI in November up 94 cents on the week
  • Gasoline corrects 5.53% lower despite inventory withdrawals, but heating oil gains 1.07% on the week
  • Crack spreads reflect seasonal factors after the end of the driving season – gasoline crack down 16.29% and heating oil crack rallies 1.07% on the week as the processing spreads move back into line in the aftermath of Hurricane Harvey
  • Natural gas fails at above $3 and moves 5.71% lower as inventories build by 65 bcf for the week ending on September 1
  • Ethanol up 2.74% for the week on recent strength in gasoline and slight rebound in corn
  • Soybeans up 1.32% on the week
  • Corn rises 0.42%on the week
  • CBOT wheat falls 0.23% for the week
  • USDA will release the September WASDE on Tuesday September 12 at noon EST
  • Sugar bounces 2.47% higher this week
  • Coffee rebounds 1.24% on the week
  • Cocoa up down 0.72% on the week
  • Cotton continues to run to the upside adding 3.77% on the week on Hurricane Harvey’s impact on the Texas cotton crop and the potential for damage to the South Carolina crop by Irma
  • FCOJ explodes 12.82% higher on threat to Floridian groves by Irma
  • Live cattle bounce from lows rallying 2.07% on the week
  • Feeder cattle move 3.40% higher on the week
  • Hogs move 1.14% higher on the week
  • The dollar index plunges 1.56% on the week but making a new low on Friday at 90.99 on the September dollar index futures contract
  • December long-Bonds break higher and close at 157-17 up 2-15 on the week as Fed members warn against more rate hikes
  • Dow Jones Industrial Average trading around 21,798 at the close on Friday, September 8, down 188 points on the week
  • Irma prepares to wreak havoc on Florida- We are all praying for you Floridians
  • God bless those lost and injured on September 11, 2001- The 16th anniversary is a time to remember

 

Price Changes for the week:

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