Most of the major commodity indexes started the morning in negative territory as NYMEX’s most-actively traded crude oil contract dipped below $58 barrel on reports that Saudi production capacity was quickly coming back on line.
Last week, NYMEX crude oil futures approached $64 per barrel in the aftermath of the reported drone attacks on Saudi oil facilities, but this morning Reuters reports that “Saudi Arabia would fully restore oil output lost after attacks on its facilities faster than some traders expected.” In base metals trading most of the major nonferrous metals followed oil prices lower this morning, with COMEX copper recently down around $2.58 per pound. But nickel prices bucked the trend in early trading as SHFE nickel settled 1.5% higher in Shanghai while in London LME 3-mo. nickel rose as high as $17,700 per metric ton in early trading. The major European stock indexes started the week in negative territory as the euro dipped as low as $1.0966 was the British pound was recently trading down around $1.245.