ES is currently trading in a tight 14 point range. Crude Oil is down $1.76 or 1.7% at 106.25. Perhaps the “SPR (strategic Petroleum Reserve)” is priced in WTI. Also, Saudi Arabia will help with any shortages of Crude/Brent Oil. Also, Saudi Arabia reported that the ideal price for a barrel of oil should be around $100. BHP Billiton, the world’s largest miner, expressed concerns regarding the possibility of a slowdown in the demand of metals in China.
Todays Economic Events:
Bernanke speaks at 11:45CST
Wednesday’s Economic Events:
UK Bank Of England Minutes and 2012 Budget.