Tuesday, June 19, 2012

Ecobservations ::: Greece Is The Word

Upon donning my developing Economist's hat, I couldn't help but observe as I drove by a Mobil station on Albany's Central Avenue that Regular was selling for $4.19! (WTF! I thought to myself, "did something happen?")

Luckily, gas prices along Wolf Road were in the $3.65 range, while back in my neighborhood Regular was still at $3.57! Whew!

Checking the numbers: futures prices of "black bubbly" crude oil ended higher on the New York Merc. The near-month contract for the benchmark grade was up by 76 centavos --- closing at $84.03 a barrel. The dollar fell versus most major currencies on expectations that the Federal Reserve will announce new plans to boost the U.S. economy. The euro fell (ouch) to $1.2709 from $1.2580 late Monday. With things going the way they are, it may not be long before the euro cries out "help, I've fallen and I can't get up!" Speaking of up, the Stock Market closed up.

We've got a mini-heat wave on the way here in New York: Agricultural commodities finished higher because folks are troubled by worries that hot summer weather will shrink crop yields. The price of corn rose more than 5 percent! (Bad news for the corn syrup culture!)

As far as precious metals go, The June gold contract on the Merc closed down $3.50 at $1622.20 an ounce, while the current silver contract on NYMEX closed at $28.36 an ounce --- down 30 cents.

Treasury prices dropped on reports European officials may relax some lending terms for Greece.

Happy Juneteenth!
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