Kuwait oil workers called off their strike and are back to work. Last night’s API data showed builds in crude of 3.1 million barrels even though the floods in the Houston area should eventually show up in a disruption of movement in product. The EIA Energy Stocks could show confirmation in the Builds the API data showed. In the overnight electronic session the June crude oil is currently trading at 4175 which is 72 points lower. The trading range has been 4229 to 4130. I would look to be buy value on breaks in this market.
On the corn front the May contract is currently trading at 386 ¼ which is 1 ¾ of a cent higher in the overnight electronic session. The trading range has been tight trading between 386 ½ to 384 ¼. News in the market is fund buying, Farmers getting caught up in plantings and weather and crop conditions in South America.
On the ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.562 and is currently showing 5 bids at 1.550 and 5 offers at 1.570.
On the natural gas front the market is again showing strength with the May contract currently trading at 2.108 which is 2 cents higher. The trading range has been 2.117 to 2.076 so far and looks poised to make new highs in the early going. I expect to see some resistance at the 2.170 level as this market seems to be in short covering mode.