Energy Prices Lower

Rumors abound on Iraqi shipping increases

MICHAEL BUSBY, Northville Industries, Melville, N.Y.: Energy prices down but up from lows. Prices got hammered at the outset but don't have a good reason for this. Rumors abound that Iraq is going to increase shipments. We don't think the market is in a down trend. If crude holds $29.65,it will take market higher, but if it cracks below that, all bets are off. API report is due tonight, but we don't think they are indicative of where prices are going.

DAVID MEGER, Alaron Trading, Chicago: Palladium was bit higher after breaking below $1000 support level yesterday. We believe it got oversold earlier today when it hit $961. Platinum is also bouncing back bit from earlier lows. This is mostly technical. Russians still have not assigned quotas, but deliveries are expected in March and that time frame is getting closer. Gold and silver drifted at mostly lower levels. both broke down last week from recent highs, mostly on technical trading.

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