Following the decline in the U.S consumer confidence index during January, this index changed direction and increased in February.
According to the recent U.S. consumer confidence survey, the consumer confidence index rose in February compared with January’s index: The index reached in February 70.8 (1985=100) an increase from 61.5 in January. American consumers’ short term outlook in U.S. business conditions has also strengthened according to the report. Furthermore, the consumers’ assessment of current business and labor conditions has also risen in February.
Note, this report was based on a survey conducted up to February 15th. In the past couple of weeks the situation seems to improve much in the financial markets, (e.g. the American stock markets indexes rose).
This consumer confidence index may curb the recent drop in the natural gas prices: according to a study, there was a positive significant correlation between the “consumer confidence” news and natural gas prices i.e. this news has a positive linear correlation with natural gas prices. Furthermore, the study also suggested a positive significant coefficient between this news and crude oil prices.
Currently major energy commodities are trading down:
Current Nymex crude oil price, short term futures (March 2012 delivery) is traded down by 0.19% to $108.35 per barrel as of 15:31*.
Current gold price, short term futures (March 2012 delivery) is traded at $1,785.7 per t oz. a $10.8 increase as of 15:30*.
Euro to US dollar exchange rate is at 1.3412 a 0.11% increase as of 15:30*.
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