Draws & Fears Should Drive Energies Today
This morning we jump-start the day with Wholesale Trade at 7:30 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M.
On the grain front all was quiet on the western front ahead of tomorrow’s Crop Production USDA Supply/Demand data. Where investors are concerned we may have a surprise number. In the overnight electronic session the September corn is currently trading at 369 ¾ which is unchanged. The trading range has been 370 ¾ to 368 ¾.
On the ethanol front the September contract is currently trading at 1.600 which is .006 of a cent higher. The trading range has been 1.617 to 1.600 with Estimate Volume of 21 contracts traded and declining Open Interest at 872 contracts.
On the crude oil front many things are factoring as we come ever so close to $50 a barrel. Last night’s API data showed draws in Crude Oil of 7.8 million barrels, the International Energy Agency (EIA)
Reported global demand is rising, global energy investment fell for the second year in 2016, geopolitical risk with North Korea which could bring other nations into play and disrupt the flow of oil in shipping lanes and today’s EIA Energy Stocks data. In the overnight electronic session the September Crude Oil is currently trading at 4954 which is 37 points higher. The trading range has been 4957 to 4890.
On the natural gas front investors are still keeping a keen eye on Tropical Storm Franklin even though the storm is well in the Yucatan Peninsula because the storm could bounce back in the gulf and still be a threat to refinery row. There is another Disturbance brewing in the Atlantic during this active hurricane season. We could also see a rise in production with growing U.S. exports moving into 2018. In the overnight electronic session the September natural gas is currently trading at 2.852 which is 3 cents higher. The trading range has been 2.853 to 2.800.