Earnings season is winding down; but there are still a few resource companies scheduled to release results this week. It is a shortened week, with U.S. markets closed on Monday for the observance of President’s Day; however, on Monday commodities investors should take note of developments in Greece. The country’s ability to secure a much needed second bail-out loan will have a huge influence on commodities prices in the coming weeks, if the country does not receive the bail-out it will default on an upcoming bond payment, which could prove positive for the precious metals.
Analysts project that if Greece does default, we would see a very quick flight to gold. After that immediate “shock”, the devaluation of currencies could cause a more sustained uptick in the metal’s price. Industrial metals; however, such as copper, would be hurt by a default in Greece. On the contrast, if Greece manages to secure a bail-out, a relief rally for the industrials could ensue, and gold prices may retreat.
MONDAY, Feb. 20
U.S. Markets Closes for President’s Day Holiday.
TUESDAY, Feb. 21
Resource Companies Reporting Earnings
Chesapeake Energy (NYSE:CHK)
China Precision Steel (NASDAQ:CPSL)
Forest Oil Corp. (NYSE:FST)
Rexx Energy Corp (NASDAQ: REXX)
Economic Data that May Influence Commodities Prices
None
WEDNESDAY, Feb. 22
Resource Companies Reporting Earnings
Aegean Marine Petroleum Network Inc. (NYSE: ANW)
Williams Companies (NYSE:WMB)
Williams Partners (NYSE: WPZ)
Economic Data that May Influence Commodities Prices
7 a.m. MBA Mortgage Index
10 a.m. Existing Home Sales
THURSDAY, Feb. 23
Resource Companies Reporting Earnings
Century Aluminum Co. (NASDAQ:CENX)
Dynamic Materials Corp. (NASDAQ: BOOM)
Molycorp Inc. (NYSE: MCP)
Olympic Steel Inc. (NASDAQ:ZEUS)
Parker Drilling Company (NYSE:PKD)
Sandridge Energy Inc. (NYSE:SD)
Swift Energy Company (NYSE:SFY)
Targa Resource Partners LP (NYSE: NGLS)
Economic Data that May Influence Commodities Prices
8:30 a.m. Initial Claim
10 a.m. FHFA Housing Price Index
11 a.m. Crude Inventories
FRIDAY, Feb. 24
Resource Companies Reporting Earnings
Alpha Natural Resources (NYSE:ANR)
Newmont Mining Corporation (NYSE:NEM)
Economic Data that May Influence Commodities Prices
none