- China’s poor PMI data drives crude demand concerns
- Gold prices fall as Treasury yields rise. 10-year Treasury yields increase by 14.4 basis points, to 3.566%
- Bitcoin drops 3.8% to $28,200
ISM’s manufacturing report shows that steel, aluminum, plastics and copper prices have risen to their highest levels since July. The economy is weakening slower, which should be good for crude demand. Crude prices are reducing losses due to the optimism that the economy will strengthen once banking dramas have passed and signs of improved factory activity.
Iran’s Navy has intercepted a tanker headed to the US, causing tensions between the US & Iran. Energy traders don’t expect major disruptions in the transport of crude oil out of that part of world. But if more ships are intercepted, this could cause the market to shift.
The oil price remains high as concerns about crude demand remain, and the dollar is making a comeback.
As the US banking crisis appears to be over, gold prices have fallen. Treasury yields have risen and this is bad for gold. Wall Street can now focus on inflation and today’s ISM report…