Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
Last night’s API data showed draws in Crude Oil 1.3 million barrels, Gasoline down 3.7 million barrels, Distillates down 1.6 million while Cushing Oklahoma showed builds of 358 thousand barrels. All in all this is a bullish number and the market grudgingly rallied as geo-political factors are being priced in the market and waiting the next headline. This morning’s EIA Energy Stocks loom large as any surprise build could set up a technical selloff, however, with tomorrow being the last trading session before the long Easter weekend, investors will be leery of carrying a heavy or any short position with the risk across the globe. In the overnight electronic session the May Crude Oil is currently trading at 5359 which is 19 points higher. The trading range has been 5376 to 5335.
On the Corn front yesterday’s report was pretty neutral across the board and the Grain complex sold off only to rally into the close but not achieve to be higher on the day. In the overnight electronic session the May Corn is currently trading at 366 ¾ which is ¼ of a cent higher. The trading range has been 368 ¼ to 366 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.650 and is currently showing 1 bid @ 1.652 and 1 offer @ 1.665 with Open Interest declining to 2.563 contracts.
On the Natural Gas front tomorrow we will have the weekly EIA Gas Storage data. I will have estimates in tomorrow’s report. Like yesterday in the overnight electronic session the market is trading higher only to get deep sixed in yesterday’s day session. The May contract is currently trading at 3.163 which is .013 cent higher. The trading range has been 3.184 to 3.152.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
A Subsidiary of Price Holdings, Inc. – an Employee Owned Diversified Financial Services Firm. Member NIBA, NFA
Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2017
SubscribeReceive daily summaries of all Market Insights blog posts.
Enter email below.
Most Recent Posts
- CME Margin Changes Effective Today
- Morning Grains 07/26/17
- Morning Softs 07/26/17
- Give me those Old Time Fundamentals. The Energy Report 07/26/17
- Busy Day Ahead. The Corn & Ethanol Report 07/26/17
- Here’s why oil just scored its biggest one-day rally of 2017
- The Windy City Trader 7/25/17
- Morning Grains 07/25/17