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SMF Notes Commodities Update: Energy Markets Mixed, Precious Metals Slightly Lower
Energy markets are holding up well given the strength in the dollar index this morning, which is 0.8% higher today and up 3% from a week ago. Grains were up overnight (Wheat +0.8%, Corn +0.5%, Soybeans +0.2%), while soft commodities are mixed.
January crude oil popped back into positive territory in recent trade after trending lower from overnight highs of $85.03 over the last seven hours. Crude is currently 0.7% higher at $84.38 per barrel.
January natural gas hit current session highs of $4.49 near the open of pit trading. From there, it fell sharply, falling into the red and new session lows. Minutes ago, natural gas hit fresh session lows of $4.34 per MMBtu and is sitting near that low at $4.36 per MMBtu, down 0.8%.
Precious metals are lower given the strength in the dollar index. December gold is $2 lower at $1360.4 per ounce, while December silver is barely in the red at $26.70 per ounce.
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