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Energy Blog
Early Energy Market - 05/09/2008 12:00 AM - BAL 7:15 EDT
Crude oil surged to record highs on the overnight, easily topping the $125 mark. Investment funds are getting most of the credit (or blame) for the price action. The dollar was much weaker in Europe overnight. We are literally in uncharted territory and fundamental and technical indicators don’t seem to have any lasting impact on this market. All markets break eventually. The question is of course when and how much? This market has shown a few signs of a break only to surge again to new highs in the past two weeks. At this time crude is up 2.10 at 125.70, distillate is keeping pace with the market up over 9 cents and gasoline is lagging a bit with that market only up 4 ½ cents.
The western corn belt is getting another round of showers this morning. The NWS 6-10 day forecast has the above normal precipitation pattern shifting slightly to the East and drying out the western corn belt. Below normal temperatures dominate the picture.
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