Commodities
Oil spikes, metals and grains swing hard
Crude surges on supply and war worries, while gold and silver slide and grains keep rallying.
Oil is the story of the day. WTI crude jumps 6.2% to 92.23 and Brent leaps 6.9% to 100.54. CNBC Markets and OilPrice both point to surging oil and Middle East tensions as the backdrop, with CNBC noting the 10-year Treasury yield move as inflation fears build.
Gasoline also moves lower after a big run, falling 2.7% to 3.324. Nat gas slips 0.6% to 2.908. The energy complex is still broadly elevated even as the refined-product move turns lower on the day.
Precious metals give back ground. Gold falls 2.3% to 4,051.1, silver drops 3.6% to 57.84 and platinum loses 2.5% to 1,602. Copper slides 1.9% to 6.329. Gold remains far above its 200-day average in the data no, that would be incorrect, gold is below both its 50-day and 200-day averages.
Grains keep their hot streak going. Corn rises 5.4% to 486.75, soybeans add 0.7% to 1,241 and wheat slips 1.6% to 694.5 after a strong month. Cocoa also gains 0.7% to 5,367.