As Mark so eloquently pointed out earlier today, economists were a little off the mark with their predictions of crude-inventory levels. Crude supplies were actually up 2.8 million barrels during the past week, and gasoline supplies were higher as well, adding 700,000 barrels.
Crude futures subsequently moved lower today on the news, shedding 66 cents, or 0.7% to end the day at $93.43 a barrel. In 2007 so far, crude has increased 53%. Front-month gasoline futures drifted lower as well, settling down 3.42 cents, or 1.4%, to $2.3362 a gallon. Heating oil futures dropped 1.47 cents (0.6%) to $2.5587 a gallon.
Meanwhile, selling was the prevalent force in the metals market today. December gold plunged $27.40, or 3.3%, to hit $787.30 before the close. Silver futures collapsed nearly 4%, giving back 58.3 cents to $14.482 an ounce. One analyst chalked the day's activity up to profit taking on the part of speculative players. Platinum futures dropped $20.70 today to $1,425.40 an ounce, and December palladium was off $2.85 to $370.95 an ounce.