Morning Market Report, Platinum Prices and Heating Oil Price Trade Low

Platinum prices have traded lower this morning, and are approaching last month's lows for 2011. Some traders feel that the platinum market has the look of a physical commodity market facing a further erosion of the global economic outlook.

Heating oil prices traded lower during the early morning hours, slipping to their lowest level since January 28th. The weak outside market tone, with a rally in the US Dollar and broad equity and commodity market weakness, remained a negative for the heating oil market.

While favorable US and Japanese auto sales figures yesterday were widely thought to be a positive factor for platinum, news overnight of a possible trade war between the US and China may have mitigated that support. In addition to a downward price projection for platinum from a major brokerage firm overnight, the platinum market is expected to see continued pressure from a stronger Dollar and from further weakness in global equity markets.

Midwestcash markets garnered a lift yesterday from the closure of Enbridge's Oklahoma through Illinois pipeline, and that is seen as a factor that could put upside pressure on diesel prices as the fall harvest picks up.

Category: 2011 heating oil, commodity market, commodity morning market, heating oil prices, Info Commodity, platinum 2011 market, platinum price