Analysis for Short Term Option Trading!
Natural gas slid 2.3% yesterday to close at $1.984 per 1M British thermal units on the NYMEX, the first time it had fallen below $2 in over ten years. Prices are about as low as they're going to get, oil and gas mogul T. Boone Pickens told CNBC. A key marker to watch is rig counts, because as they go down it causes supply to shorten up. Ten rigs closed just last week, and more will be shuttered this week as well.
Stock index futures edged higher on Thursday ahead of data on the jobs market and producer prices, while a rise in Italian borrowing costs could cap gains in equities and pressure other risk assets lower.
S&P 500 futures hit a session high just below their 50-day moving average, a level that also provided resistance Wednesday in the cash market and could become a key technical hurdle.
U.S. economic activity kept growing moderately in the late winter months but rising energy prices were beginning to worry manufacturers and retailers across the country, the Federal Reserve said on Wednesday.
"Reports from the 12 Federal Reserve districts indicated that the economy continued to expand at a modest to moderate pace from mid-February through late March," the central bank said in its latest "Beige Book" summary of national activity.
Positive signs, it said, included stronger manufacturing activity, steady hiring and improved retail business in much of the country. But overlying that was a sense of concern that costlier energy and rising gasoline prices were a threat.
The U.S. economy kept growing moderately in the late winter months, although rising gas prices were beginning to worry producers and consumers across the country, the Federal Reserve said in its latest "Beige Book" summary of national activity. This assessment had little impact on equities.
European Central Bank Executive Board member Benoit Coeure, calming fears about the euro zone, said on Wednesday the central bank still had the Securities Market Programme (SMP) in place allowing it to purchase the debt of euro-zone nations, should the need arise.