Good Morning!
The oil inventories rose 8.8 million barrels according to the API data. The market seemed to act like it was water of a ducks back with the terror ongoing terror attacks in Belgium and heading into a long holiday weekend. In the overnight electronic session the May Crude Oil is currently trading at 4115 which is 30 points lower. The trading range has been 4134 to 4087 so far. This morning’s EIA report could put a less bearish synopsis as we move into the long Easter weekend.
On the Corn front the May contract is currently trading at 367 ½, which is 2 ½ cents lower. The trading range has been 370 to 367 ¼ so far. This market is focusing on the weather reports of what type of storm system we will see this weekend as farmers hope the fields will dry out going into Prospective Plantings!
On the Ethanol front there were no trades posted in the overnight electronic session. The April contract settled at 1.386 and is currently showing 7 bids @ 1.373 and 1 offer @ 1.387.
On the Natural Gas front the market seems to be realizing a short covering rally as funds surely have lightened up positions with the colder weather forecast this Easter weekend and no trading on Good Friday. As rig counts momentum of declines with the exception last week’s build in counts of a positive 1 this market can thrust on any weather market play. In the overnight electronic session the April contract is currently trading at 1.889, which is .026 cents higher. The trading range has been 1.893 to 1.840. Tomorrows EIA Gas storage and Friday’s rig count with a weather market will impact prices.
Have a Great Trading Day!