Natural Gas Flashes 'Buy' Signal

www.investing.com/analysis/quem-est%C3%A1-cumprindo-com-o-acordo-da-opep-200172043

By Dan Flynn | Jan 10, 2017 12:29PM ET

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The Energy markets broke as Goldman Sachs’ Commodity Index reduced their exposure in the Energy complex not seen in this millennium. As we prepare to bask in above-freezing temperatures until Thursday, this seems to be creating an ultimate buying opportunity in Natural Gas with the complex pushing for new highs as I write. The February contract is currently trading at 3.203, which is 10 cents higher. The trading range has been 3.217 to 3.110. Temperatures permitting, this market is poised to sail away.

On the Crude Oil front the market was pressured with Libya and Iraq making headlines that they will pump more than their agreed quota of OPEC and non-OPEC nations to get the market back in balance. The timing of the Goldman Sachs (NYSE:GS) move to reduce exposure in the Energy complex only added to a light volume, overdone selloff. But as far as these countries are concerned, they must realize they are only pumping themselves into further bankruptcy not prosperity. In the overnight electronic session the February Crude Oil is currently trading at 5209, which is 13 points higher. The trading range has been 5237 to 5179. Tonight’s API Energy Stocks could be a game changer to bears participating in this market

On the Corn front we had another positive weekly Export report, which the numbers show we are way ahead of last year even though we have plenty of supply to move. Thursday will be the big day as we start out the morning with Export Sales at 7:30 A.M followed at 11:00 A.M with Crop Production Grain Stocks USDA Supply/Demand and Winter Wheat Seedings, which promises to be an interesting first report and first Full Moon of 2017. In the overnight electronic session the March Corn is currently trading at 357 ¾, which is 2 ¼ cents lower. The trading range has been 359 ½ to 357 ½. Traders, Farmers and Commercials are jockeying for position.

On the Ethanol front there were no trades posted in the overnight electronic session. The February contract settled at 1.524 and is currently posting 1 bid @ 1.504 and 1 offer @ 1.511. The February Open Interest is estimated at 3,814 contract and is well ahead of the March contract, which I stated erroneous in yesterday’s report. My apologies for the confusion.

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Natural Gas Flashes 'Buy' Signal

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