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
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