- U.S. durable goods orders fell 4.9% in August, excluding transportation, orders were down 1.8%.
- Norway hiked key interest rates by 0.25% to 5%
- The U.S. DOE said that:
Supplies of crude oil rose 1.8 million barrels to 320.6 million barrels
Supplies of gasoline rose 600,000 barrels
Supplies of heating oil rose 700,000 barrels.
Refinery use fell from 89.6% to 86.9%
Gasoline demand rose 0.4%
Distillate demand fell 1.2%.
- Gold prices should top $800 per ounce by the end of the year, Barrick’s chief Greg Wilkins said. He suggested the gold market was currently overestimating world gold production.
- Global supplies of platinum may fall short of demand by 205,000 ounces this year, Impala Platinum Holdings Ltd said.
- Gold, in custody at exchange traded funds, reached 823 metric tons, greater than the holdings of the Bank of Japan.
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9/25/07
- U.S. existing home sales were at an annual rate of 5.50 million units in August, down 4.3% from July's pace. At the current rate there is a 10-month supply -- the most in 18 years.
- U.S. consumer confidence fell from 105.6 to 99.8 in September, weaker than expected
- Consumer spending in France rose 1.0% in August
- German business confidence fell from 105.8 to 104.2 in September
- China will increase its state reserves for soybeans and edible vegetable oil to an appropriate level to guarantee the market supply, the State Council said Monday. Domestic food prices, pushed China's consumer-price inflation to 6.5% in August. Domestic production is projected to fall to an eight-year low.
- Coffee rose to the highest price since April 2005 on speculation that rains in Brazil this weekend may not be enough to limit damage from a prolonged dry spell.
- Australia's Agriculture Minister Peter McGauran said Wednesday production from the new wheat crop might be about the same level as the drought-hit crop in 2006, which produced 10 million metric tons. Australia's domestic wheat demand is about 7 million tons.
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