Good Morning!
The Saudi’s seem to have lost key ground in several key markets. When trying to bury the competition so not to lose their share it looks like it may have backfired for now even when they beat the heck out of the U.S. shale market and U.S. oil production. The OPEC and non-OPEC meeting scheduled meeting in Doha, Qatar April 17 has brought some doubters of an actual agreement of any sort of production cut. In the overnight electronic session the May Crude Oil is currently trading at 3862, which is 77 points lower. The trading range has been 3948 to 3852 so far. The bullish side of the news is historically in April we normal see price spikes in April as refineries switch to summertime blends of gasoline. Today at 3:30 P.M. we have the weekly API Energy Stocks and we are expecting draws across the board with Crude stocks down 3 million barrels, Cushing, Oklahoma down 500 thousand, Gas down 3 million barrels, Distillates down 2.5 million barrels and Refinery runs down 1.0.
On the Corn front the entire Grain complex is trading in a tight trading range with mixed results in the overnight electronic session. The May Corn is currently trading at 370 ¼, which is a ¼ of a cent lower. The trading range has been 371 ½ to 369 ¾. It should be quiet heading into Thursdays Grain Stocks and Prospective Plantings report at 11:00.
On the Ethanol Front there were no trades posted in the overnight electronic session. The April contract settled at 1.433 and is currently showing 1 bid @ 1.425 and 1 offer @ 1.437. This market will key on Gasoline Prices, Corn Stocks on hand and the numbers expected with Corn Plantings on Thursday.
On the Natural Gas front the weather seems to squelch any sort of rally on bullish news. Remember the April contract expires today you must rollover or liquidate if you have a position. In the overnight electronic session the May contract is currently trading at 1.925 which is .011 cent lower. The trading range has been 1.949 to 1.923 so far.
Have a Great Trading Day!