phil flynn at the cme thank you. nicole: thanks, phil. making moves in the opposite direction. that is next. ashley: general legal bills that could cost the bank big money straight ahead. we heard from phil flynn, oil moving slightly lower as bond yields rise, off about 33 cents at $107 a barrel. let's look at metals for you as well, all moving lower, gold off 5.80. silver and copper also moving slightly lower. we'll be right back. ♪ right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is ahing of the past. block the ad with prilosec otc, and don't get heartburn in the first place. [ male a

phil flynn has the scoop from the trading pits of the cme. a green. they worry about supply and demand, a big issue. the highest level in eight months, delivery to the ivory coast, well below expectations at a time when demand is widening. on top of that concern of hurting the upcoming crop, but in the market on fire. orange juice as well. we pulled back today after surging as the orange juice crop could hit the lowest since 2007, citrus and the loss of acreage hurting those markets, pullback today but still a lot of problems in the o.j. grows. dennis: thank you, phil flynn. cheryl: california not a liberal state you may think when it comes to food stamps coming up in the west coast minute. dennis: your last chance to get in on what is bugging me. how would you settle with the fight between cbs and time warner cable? join us at projectluna.com [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture milis for this trip. purchase eraser? it's the

cheryl: all right, phil flynn, thanks to jeff flock standing by with the numbers. got today. appreciate. well, new york to los angeles in 45 minutes, it sounds like something out of a science fiction novel, but jo is live coming up next and a company working to make that a reality. dramatic video of a sink hole swallowing a florida hotel. you got to see that. we'll show you coming up in the fox news minute. going to break, though, look at the world's currencies, how they fair against the u.s. dollar, and the dollar is certainly something to watch this week. we'll be right back. ♪ my mantra? always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as uneected signs of puberty in children or changes in bod

fox business contributor phil flynn in the futures pits of the cme.il. >> traders don't like rising rate when it comes to oil. after qe all the hot money went to places like china and emerging markets where they consume a lot of oil! but not so much when rates go up in the u.s., the hot money buying all that oil goes to other places. oil is pushing towards the lows of the day at 103.78. the low was 103.50. you're looking at some of the commodity currency, they're taking it in the chin. the australian dollar, a big commodity currency is getting smashed now. gold and silver down, raising rates bad for commodities. back to you. tracy: phil flynn, you're right. thank you, sir. >> thank you. tracy: interesting, right, ash? the fed is really reluctant to put anything on paper. ashley: they are. tracy: holding out. ashley: typical fed speak vagueness, however, as bob pavlick pointed out things are pointing in the right direction. the economy is gaining painfully slowly but i think we're looking unless the jobs report on september 6th is absolutely awful whic

let's head to our bean boy, jeff flock in the fields of mchenry, illinois, and phil flynn in the pitsne for us first. >> reporter: i'll tell you, dennis, you don't even have to be a farm boy to tell this is a good looking bean crop. there's been plenty of moisture, and that has meant -- take a look at this one and maybe al and lori up there have one you can see up close and personal -- all the bean pods that have been set on this. excellent surface moisture, we've had rains, sun, perfect growing conditions. it could be an all-time record soybean crop and, of course, well, you know what that means for the futures and for the prices. last year we got up around $18 a bushel. now, well, phil flynn's got the latest numbers for you, but i'll tell you, it's just completely in the opposite direction. good news for the crop can, bad news for the be price. dennis: all right, thank you, jeff flock. whose hands were those in the foreground? let's ask phil flynn, meanwhile, at the cme how things are going. >> hey, what better way to start national farm week? i love it this way. look at those beeps

triple a reports a gallon of unleaded gasoline tumbled 7 cents during the past week...phil flynn a fox business news contributor and oil trader with price futures group is with us this morning. good morning phil. > >good morning and it's about time. > >it is about time. what's driving down prices? > >a couple of things...you know, all of that refinery maintenance we were talking about all summer about expanding refining capacity, the us has the most refining capacity they probably have had in over 30 years. that means that we're producing gasoline at a record pace and we have a lot of gasoline so that's driving down prices. now i know there are people in some parts of the country that say hey our gas prices aren't coming down because of regional issues. but in the big picture nationwide they are starting to come down and hopefully this is a sign that they're gonna come down for years to come. > >what about crude? crude has been climbing, there's a lot of growth in china apparently that's driving crude higher. what do you think about that? > >i think that at the end of the day that crud

fox business phil flynn, price futures group in the pits of the cme with details. think, phil? >> oil companies got kicked out of the country 5 years ago you would think they would think twice about embracing mexico and going back in there but they will. they're desperate ily need in more oil receives and they will move in there as soon as they get the opportunity. for mexico, this is sign of desperation. their production is falling. we've known for years they have been having problems. they need to do this not only to save the own industry and save the economy. one thing that could save the economy, sent crude right now, up 88 cents right now. now a lot of this has to do with the brent crude. brent had been leading the way. production, even concerns that european refiners will go into maintenance early because they don't want to wait around for the lack of crude. we're moving up strong but this talk of tapering e're getting a little bit of a taper cutback rally as well after mr. lockhart. a little bit of everything. back to you. ashley: very interesting. phil flynn

phil flynn in the trading pits of the cme. phil? >> you bet ya. you'd think -- >> we're having trouble with the microphone. checking his battery. lori: in the meantime, let's look at the data released this morning. the unemployment, first time unemployment benefits. the number of people filing for first time unemployment claims fell this week, and it's nearing the lowest level in five years, but a new survey on this proves that the longer you remain unemployed, the harder it is these days to get a job, and john longski, chief economist, joining us now, great to see you. okay. you know, we're going to go to break. we're having all kinds of tech technical issues. stay with us. "markets now" continues. she's always been able to brighten your day. it's just her way. but your erectile dysfunction - that could be a question oflood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bp

phil flynn is in the trading pits of the cme. >> so many things. you have to buckle up today because we had everything. early we were climbing a wall of worry, worry about egypt and mother would impact supply. it or read about tropical storms and the direction that they may take over the weekend as far as production. some of those questions not totally answered, but at least we know at this point there has been no oil impacted by what is happening even with the increased violence in egypt. flick of the tropical storm, the latest storm track as a missing link of mexico. are actually seeing prices go down. it breaking news bringing his back. the refinery had a major glitch. lori: and then you have gold on the other side heading for its third straight gain. the call this morning is part of this. >> that is absent in the part of it. the head thing, i think we're starting to believe that it may not be so bullish or bearish. if we start tapering a little bit, the stock market gets more questionable. bond yields to rise in gold looks like a much better in

lori: phil flynn of price futures, thank you. adam: our next guest tracks every facet that affect global growth. as ceo and chairman of ups, scott davis has an inside look, not to mention the president's year as a member of the president's export committee and we appreciate your being here on fox business. let's start with the president and the economy. we will talk about oil prices and ubs but we are watching a bit of a slowdown but, certainly in asia but in the united states this is not an economy lot of people think is generating the jobs we need to go forward. what would you say to the president? >> what the president and congress need to do our make some decisions. we sat here for a couple years having no decisions to speak of. there are lots of energy policies, tax policies, the debt issue, we got to resolve these issues. you can't say it is all administration's fault or congress's fault that they have to compromise and make decisions. adam: we talked about trillions of dollars american business is right to invest that is d

fox news contributor phil flynn in the trading pits of the cme. >> reporter: it is like the old days where bad news is bearish and good news as bullish. that is really what has been happening in the oil complex since the fed statement earlier in the week. the concerns about the lack of inflation means that the tapering is probably still farther away. it is really impacting the way that we trade oil. before the fed statement if we get good economic data we would be selling oil because we would be worried about higher interest rates were tapering. if we got bad data, of course, that means good data. today we are selling off because the jobs numbers did disappoint, so we are selling off not only on oil, but a big drop on gasoline and heating oil as well. here is a day when the data is not good and the prices are down ashley: very good. as always, thank you. >> thank you. lori: more bad news for thousands of americans looking for jobs. added to the economy last month, well below the estimate of 1,804,000. both the average workweek and earnings fell from june to july. however, the unemplo

right now, they are kind of calm. >> phil flynn, thank you so much.new york stock exchange. we have been seeing a lot of red and back and forth. how are you feeling right now? >> historically, this is one of the quietest of the year. we are down small. there is really nothing going on. the only thing trading up is the ten year. >> later in the week, we will be getting some home earnings. where do you think, when we go into the hall the back to school, the holiday season, how do you think people will be? >> the market is still up 60%. 20% dow and s&p. if you look at their retail sales estimates, they were kind of disturbing. they were for the middle class. that guidance was not too positive. i think that had a lot of traders on edge. nicole: you make a good point. find jobs is not easy. thank you so much. >> thank you. dennis: america get that to go on air tomorrow. looks like advertisers will stay away from that new news channel. nicole: you have heard of trader joe's. how about pirate shows? ♪ [ male announcer ] how do you get your bounce? [ man ] la

dennis: oil is soaring today at the pits of the cme and phil flynn. latility, yesterday pushing toward $102 per barrel, today 106. what's changed from early yesterday? part of it is technical, part of it is strong demand stories. we got a lot of reports around the world there could be supply issues in other places. another interesting story came out from the energy information that china is actually going to beat the united states the world's biggest oil importer in a couple of months. another sign of the revolution. on top of this, going to the weekend a lot of talk of high alert all over the country. oil traders are on high alert as well, friday oil is up big. dennis: what about gold? every time i see it fall below 1300 handle, i want to buy some, but i never do. >jeff: we have seen minors acros the globe talk about cuts unlike anything we have seen it probably 20 years giving us underlining support. of course how is the world going to act in the global market when the federal reserve is talking about tapering. higher interest rates, that is the inte

that was phil flynn-- an oil trader and fox business news contributor. in a check of prices at the gas pump-- the average for a gallon of unleaded it $3.54 down 3 cents from last week. president obama hits the road this week starting in upstate new york. he'll take a bus tour through buffalo, syracuse and binghamton to discuss higher education.after new york, he hits scranton,pennsylvania. on the agenda: the importance of college education, and proposals to reduce the cost.critics say the rallies are making it harder to come to a fiscal deal with congress. the speeches come before an upcoming debate over the federal budget and the debt ceiling. boeing is said to be secretly testing a new way to build jets.the seattle times reports-- next month engineers will test advanced automation in building the soon to be launched 777x.automation could drastically reduce production time. friday-- the wall street journal reported.. boeing traced an electrical wiring problem in 3 dreamliners to a supplier.the issue was noticed during maintenance on 787's owned by japan

let's bring in phil flynn from the pits of the cme. it is always interesting. on gold because the middle east instability. what do you think? >> i don't think so. it was only about the middle east i could agree, but there is a lot more going on to the gold market right now. take a look at the debt ceiling, we are supposedly going to hit it. people are going to buy gold. another reason, everybody was telling us the tapering would be bearish for gold, the dollar will get stronger. what we are finding his people would want gold in the emerging market. if you look at what is happening with the currencies since we've talked about tapering, the stock market is getting clamped. maybe you're looking in the wrong place, you should be looking at turkey or india. those countries benefited from a hot dollar will not get them anymore and the wealthy in those countries will try to control that wealth. one of the ways to do it is by buying gold and silver. cheryl: phil flynn, live in the pits of the cme. thank you. time for your "west coast minute." california is embracing el

cheryl: that is phil flynn.it could be topping $1,400 a troy ounce and maybe finally formed the bottom. back to you guys. cheryl: the nasdaq, yesterday's blitz was a glitch? hall vulnerable are u.s. exchanges? tom ridge will tell us. a lot to say about this particular topic coming. dennis: you want waffles'? we got waffles. belgian guy who quit his job at ibm to fuel the food grains in manhattan and the company is expanding. ♪ nicole: i am nicole had not live on the floor of the new york stock exchange. we continue to follow a call by market. let's take a look. we talk about new home sales. take a look at some of these homebuilders that are really blanking on the s&p 500. people began to talk about the fed again and will the fed now take a break? dennis: thank you very much. flash, freeze backlash. liz: was there any indication of any kind of computer hacking or system hacking? >> no. dennis: cyber experts want our exchanges. 53% of worldwide exchanges experience a cyber attack in 2012. it is great to have you o

cheryl: gasoline hitting a four-week low, to the trading pits of the cme, and phil flynn, phil?ty. that was the mandate refiners had to put in the gasoline, but we're not using as much gasoline so they bought credits driving prices up to record highs, they are collapses today bringing down prices because the epa blippinged. they are allowing greater flexibility in incorporating the mandates for ethanol into gasoline, and at the same time, they are going to extend the deadline into next year to meet the mandates reconsidering next yier how much ethanol we're going to use. a big win for the refiners and the ethanol producers and a big win at the pump. down today big, 2.8 cents, back to you. cheryl: look at california how woal it works. thanks, phil, appreciate it. >> thank you, bye. dennis: today's media minute, more on amazon's jeff bezos buying the washington post. stocks up as much as 6% earlier today, i don't know where it's at now, on news he buys the paper and other properties for a quarter billion dares or 1 #% of the amazon founder's net worth. understand how sad it is. th

dennis: phil flynn of price futures group. cheryl: treasurys rising, tweeting you benchmark dropping from the highest level we have seen in two years, year yields jumped 20 basis points on speculation the u.s. economy, to slow stimulus in this meeting. and in the july meeting can be found tomorrow. dennis: barnes and noble shares got crushed as the founder walked away from this plan to buy the company's briquette mortar retail storefront. the company's chairman, founder, top shareholder says it is in the best interests of the company on the business at hand. and the broader loss a year ago but the 9% drop in same-store retail sales on the nook device and e-books plunged in a market where they're supposed to be growing. lori: shares jumping on the maximum group, agreeing to buy, from all war. and it is still possible. it has proposed a takeover but the deal was slowed, willing to share on treatment, the midst of a trial. an analyst said the market has underestimated the possibility of a potential acquisition and you do see 3%.

phil flynn in the trading pits of the cme with more on that and all other good stuff on oil and gold. it is september and august, this is what you get. power generation in the united states has fallen 10.8% by a year ago according to the edison electric institute. 22% in the midwest. nobody is turning on their air conditioners. that is really pushing this market into the lows. take a look at crude oil, getting a big break there as well, being driven mainly by gasoline futures. gasoline is getting hammered right now as u.s. refiners are producing gasoline at a near-record pace this week. we're producing more gasoline than we're going to use. we better start exporting the market pretty quickly, otherwise we'll have a lot of extra gasoline. sharply lower prices at pump. look at gold, you can't keep the goldmarkket down every day. we're back up. the story today on the goldmarkket is strong physical demand from china. the physical market is getting very, very tight right now. it's a disconnect with the financial side of gold today the physical side is wing and bringing gold back up. back t

dennis: thank you very much, phil flynn, price futures group.ing back at time warner's latest offer calling it an empty gesture. since friday at 5:00, have not heard from anybody at time warner cable to discuss anything. please return to the negotiating table and talk about the real issues. time warner offer a single channel option if you will for customers in hopes of ending the blackout keeping cbs off of los angeles. the two biggest markets. also dragging on how long people are keeping cars and trucks. the average age of an american vehicle is 11.5 years up two years from 2007. polk research get this data and said it found people are holding on to their cars because the quality of these cars is so much better than they used to be and owners trying to avoid monthly payments and detroit calling christie's auction house to appraise the art collection of the detroit institute of arts. and the artwork will be considered an asset in bankruptcy. before it filed for bankruptcy july 18th but a judge is yet to rule if the motor city is eligible. the ma

with me now is phil flynn, he's an oil trader live in chicago at the mercantile exchange. this stuff, and he's a contributor for the fox business network. phil, good morning to you. >> good morning. bill: some suggesting ten cents higher a gallon. what do you see? >> we're seeing that on the wholesale market. since this crisis began, we have seen in the futures from the high to the low that gasoline prices have gone up 22 cents. and to me, that's comforting because if this had happened five years ago before the u.s. was producing record amounts of oil and had more refining capacity, that might have been 50 cents or a dollar. so the good news for the u.s. consumer is we're better prepared for this type of disruption. but we're not going to be totally covered if all-out war breaks out in the middle east. bill: phil, i want to show our viewers at home a happen of the area. two strangleholds, one is the strait of hormuz, strait of hormuz, i should say, right near iran. that's a pretty good ways away unless this were to escalate and iran gets involved. the bigger concern is the

phil flynn is in the trading pits of the cme. don't you take a real risk in believing the economic numbers out of china? >> you do, changes from week to week. everybody was writing china off. they were selling oil on bad economic data. all the sudden china cannot get enough. yesterday china imported more oil than they ever have before. oil actually went down. today strong manufacturing data out of china reuniting the bulls. we will have to rebuild them, they will go up. strong demand in the u.s. and of course a terror threat making traders a lot more leery of being too short way into the weekend. up $2 on crude, driving everything up as well. adam: you're talking about the report helping as well. is it possible on monday or tuesday we see them go the opposite direction? >> i think it is very possible because the u.s. production is soaring. it is amazing with in the biggest jump in demand we have seen in this country an in a coe of years. remember all of those refiners that were down for maintenance all summer. they're coming back

we want to bring in phil flynn. he is in the pits of the cme and flats global director of news, john kingston joins us. first we go to phil. seems like investors and traders looking to oil and gold seem to sympathy this with only be limited action if we take it but won't disrupt and spillover to foreign markets, is that accurate. >> that is accurate or at least pushed out into the future. lauren simonetti did a great job explaining how the market moved on every word in john kerry's speech. in the beginning of the speech, when he used the word when and if, the price of oil actually broke. we started his speech, the price of oil was 107.41. when he used the word, if we should act, the price went down, broke 10, hit the low of the day at 106.75. buu then as he started building the case for war and the chemical weapons, the price of oil rallied. we went from, not only the low but from 107.40, we put on over a dollar. it looked like we were going to stay up there until the final part of the speech when john kerry came ou

we have phil flynn on the floor othe cme group in chicago.ns the market making any sort of predictions. >> enough news events before it has been used, it has been used very aggressively, and you are already seeing in the market because of the price of oil impact in the demand side of the equation and hurting some economies. so that really makes a case when the bombs start to fall. sandra: higher prices there higher prices. the man tends to fall off and the price tends to fall. we look back at a chart, oil pulled off about $8 when the president decided to tap the emergency reserves. what kind of a selloff to think it happen if this were to actually be employed? >> the best way to judge risk premium is really when libya started we went above $100 per barrel. they went into a new range so i would say 110, you have $10 of risk premium. if you add to that $5 on the upside, probably can fall back to about 100. sandra: there is about a $10 premium price in there as well because there could be a sell on the news events to keep in mind as well. cheryl

let's bring in phil flynn, same question to you.h and there will be a q&a but he doesn't seem to be committing to september. >> he really wasn't. if you look at comments he made earlier on he still wants to see a stable job market and some signs that there is some inflation before they move. that is not a big surprise. we did see a pop in futures, in the s&p, a big pop as soon as the headlines came across. the gold market moved down after the comments so the lack of tampering or possibility does change the dynamic somewhat. normally you would think if we pull back on capering, if we pushed tapering off, that should give commodities of boost. we are not seeing that a lot. crude oil is down 20, they are still down a little bit. products are strong but not so much because of the fed. they're stronger becausbout proe north sea. they are leading the way on crude and there are a lot of concerns about the lack of libyan oil and the fact that production is in european refiners might go into maintenance early and won't wait around for the oi

phil flynn is standing by in the pits of the se. to the pictures of fact the contract?, the market does not even know it has yet. it is really revitalizing accesses inside of the climbing production. companies have gone in there and turned that around. as far as the market movement, we are really focused on inventories today. it was higher than expected. it is driving natural gas down. the reason we are probably not really breaking this market, look down at the atlantic once again. you have tropical storms that could be developing over the weekend. cheryl: hurricane season once again. thank you for the commentary. >> thank you. ♪ cheryl: time to make some money with charles payne this hour. charles, are you blinded by the light? charles: it is so funny. i have done grief with you before. we took profits about a month ago. the stock just recently took a hit. this is an important lesson. sometimes the height at the head of the stock. when the reality comes, the stock gets hit. i think this hit was just too much. i would love to see it start to trade higher. a break at 60

in the trading pits of the cme, phil flynn, is bowls not hot anymore? >> it wasn't last quarter.e few commodities bucking the downward trend of the red we are seeing on the screen today. you got to remember when it comes to gold it has 70 different personalities. one of the personalities has been out of favor, the investment demand. when people thought europe would fall apart and the world is coming to an end they ran into gold and ran it up and ran it up higher than it should have. a lot of panic buying and when the panic went away we saw the price came down dramatically. we don't want to hold on to the goals but if you look at the physical demand for gold, it is stronger and stronger every day. the world cold councils of the visible demand for gold was up 53%. cheryl: you sound like a contrarian on gold but i will take it. >> we need some contrarians around here. cheryl: a little optimism. thank you. southern california home prices falling in july. i will have details in the west coast minute. are tweeting. and 900 million dollars are changing hands online. that's why hp built

said to the trading pits of the cme and phil flynn. >> reporter: a lot less next. markets.y in the precious metals. gold was down date -- date. a lot of the traders were convinced that we would get that lackluster jobs report. did not happen. a big surge back up. hire on the day and turned back up. copper on the other hand, all of that economic optimism. not only in china and the united states. the pullback as well. so a big disappointment on the number. now, the other thing you have to look at, you always have collected geopolitical risk which can be a big factor. obviously with this report of morning by the state department, that may even put more support in see the market later in the day. the big move after the jobs report, obviously with that situation with the t-bond market and the did trading being halted for a few seconds. now, what happens sometimes, actually a safety valve built into the globex system that when you get an imbalance of water it would move the market down and caused the cascading effect on stocks. you know, to pause to make sure it is a valid situat

the pits of the cme and phil flynn. >> is still looking while the bullish.of the dollar is at a session high, gold continues. there's a lot of talk about the physical demand of this market, a lot of talk about the possibility of supply were you'll be able to get your reins on it because of a drop in production. right now they have everything going their way into a very uncertain weekend. a new way to track. cheryl: that's coming up in the west coast minute. with the spark cash card from capital one... boris earns unlimited rewards for his small business. can i get the smith contract, se? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small business earns 2% cash back on every pchase every day. great businesses deserve unlimited rewards. read back the chicken's testimony, please. "buk, buk, bukka!" [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose 2% cash back or double miles on every purchase every day. told you i'd get half. what's in your walle ♪ cheryl: tim

adam: phil flynn was saying we should see oil fall back to $100 a barrel. two or three weeks from now, where should i be putting my money? what market would it be wise to invest in at this point? >> i think that the u.s. is probably the cream of the crop right now. the rebound in europe is still early. probably not too convinced that it is for real. with emerging equities, we would tell people that an area to concentrate would be south korea adam: if we would see commodities come down in price, that would help. >> absolutely. commodities are a big part. adam: thank you very much. give our best to everyone at wells fargo. they are on the program quite a bit. lori: let talk about this latest cyber threat. the "new york times" website entering its second day of disruption. name.com suspended the website of the electronic army for a breach of contract. it was worth the attempt for syria and world peace. connell mcshane asked brian finch if we will see more of this kind of cyber warfare. particularly, as retaliatory attacks if the u.s. should strike. >> they can

dennis: thank you, phil flynn. cheryl: out on the farm. bosses on california farms on edge. minute. ♪ a wingman. and with my cash back, you are money. forget him. my airline miles will take your game worldwide. what i'm really looking for is -- i got two words for you -- re-wards. ♪ there's got to be better cards than this. [ male announcer ] there's a better way with creditcards.com. compare hundreds of cards from all the major banks to find the one that's right for you. it's simple. search, compare, and apply at creditcards.com. first round's on me. folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn. cheryl: time for your west coast minute. wildfires continue to burn. fires in oregon, california, idaho and montana continue to grow. 8000 acres have burned in the state of oregon alone. california far bosses are on edge. california is the nation's largest agricultur

. >> thanks very much, phil flynn. a big bet on the washington post by jeff bezos.g? ... boris earns unlimited rewards for his small business. can i get the smith contract, ease? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small busess earns 2% cash back on every pchase every day. great businesses deserve unlimited rewards. read back the chicken's testimony, please. "buk, buk, bukka!" [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose 2% cash back or double miles on every purchase every day. told you i'd get half. what's in your walle dennis: the new york post running a picture of amazon founder jeff bezos sitting down with washington post legend katherine graham and her son and current ceo donald graham in sun valley, 2001. twelve years later jeff bezos is buying the paper for $250 million. is a great price or is he paying too much? joining us is liz macdonald with more. >> the word is did he did the too much for the washington post? this is after 17 times cash flo

phil flynn is on the trading floor of this cme. >> i think it is about inventory. the spread has been accelerating and expanding. here in the u.s., it is all about inventory. the crude oil inventory was initially taken as a bullish number. it is actually in line with expectations. gasoline demand is improving and production is falling. it seems like the refiners think fall is coming. they are starting to come back. the drawdown in gasoline supplies. the bears influence on the market back to you. adam: we might need that heating oil. you heard about that crash juts outside of birmingham alabama. a pilot and copilot aboard that airbus 300 died. we are now going live to fox news correspondent jonathan cary. >> ntsb investigators are on scene trying to figure out what brought down the fly. there was rain and low cloud throughout the morning. the ntsb said a full go team was looking into the crash. there are no homes in the immediate area where the plane went down. no one on the ground was injured because of this sparsely populated area. ups confirms the aircraft was in

let's head to the trading pits down there, the cme, phil flynn, that is for sure.d tell you gold as of $25, 66, copper up, probably the biggest story on metals is the disconnect between the physical side of a market and the financial side being played out in the industrial metals, we saw platinum put on the biggest premium in two years. what we are seeing is a big disconnect and big rally on the weak dollar, back to you. tracy: thank you very much. okay. do we have breaking news? and new jersey devils are $230 million in debt, new report says because of the team's financial mess a takeover by the national hockey league is living. commissioner denying the report but the executive editor following the story, so glad you could jump in, this team has to go bankrupt like this, phoenix coyotes did not have to step in. >> what is going to happen is what i'm hearing is the nhl is not going to allow the team to go bankrupt like they tell you. that was a protracted mess, three years before he could get a new lease out, they want to take the team over, they are having a lot o

fox business contributor, phil flynn joining us. great to see you. gold jumping 2 # #%. >> they are going crazy. i don't know what they are doing, but their demand is up 54% from last year. people are surprised to hear that, lori because gold goes down so much you wouldn't think demand on the physical side was strong. it is a sign it's extremely strong, and if not for the fact that india clamped on the buying, wet them them go up higher. yesterday, we taked about it, held the levels, and right now, silver's up 93 cents, exploding up. on top of this, with all enthusiasm about china and strong demand, it would be driving up the oil prices with it. it is. not as much as you think. oil prices were lower. they have turned higher, and they turned higher on concerns about supply issues. the supplies are cut off from the strike, and as well as north sea production problems bringing up the oil. back to you. lori: thanks so much. amazing to see the $23 move in gold today. following up with you throughout the afternoon. thank you, sir. >> thank you. lori: anoth