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Natural Gas Futures Soar

By Dan FlynnCommoditiesNov 14, 2018 10:44AM ET
www.investing.com/analysis/natural-gas-futures-soar-200359176
Natural Gas Futures Soar
By Dan Flynn   |  Nov 14, 2018 10:44AM ET
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Crazy Markets Continue

Good Morning!

We kickoff the day with Consumer Price Index (CPI) and Real Earnings at 7:30 A.M. followed in the afternoon with API Energy Stocks at 3:30 P.M. On the Corn front the USDA Crop Progress showed Corn harvest 87% complete. Brazil’s plantings were seen 82% complete up a whopping 55% from last year. Export Inspections came in 86% higher than last year. Continued whispers that funds are moving to the long side or covering shorts as the charts and fundamental whispers hint at higher prices with Open Interest dropped 1,703 contracts as of Monday. In the overnight electronic session the December Corn is currently trading at 366 ¾, which is a ¼ of a cent higher. The trading range has been 367 ¾ to 366.

On the Ethanol front investors in an Ethanol plant in northeastern South Dakota will soon decide to merge with parent company POET Biorefinering LLC. POET currently operates 26 plants and a research center across seven states. While seven POET facilities haven’t decided whether to merge with the parent company. Mergers are a sign of a big market share to come. In the overnight electronic session the December Ethanol is currently trading at 1.234 which is .004 lower. The trading range has been 1.234 to 1.221 with 24 contracts traded and Open Interest at 1,571 contracts. The market is currently showing 1 bid @ 1.229 and 1 offer @ 1.238.

On the Crude Oil front we are in the green finally after a low of 5513 in the overnight electronic session. The 12-day losing streak may be over as OPEC announce production cuts of at least 1.4 million barrels a day. For now, that stopped the run on the banks or the huge jailbreak. The December contracts is currently trading at 5531 which is 62 points higher. The trading range has been 5649 to 5513.

On the Natural Gas front the horse left the barn with the December contract roaring over 80 cents higher in the overnight. Tight storage and cold weather has finally put the fear of God in traders. Shortages of Coal with the previous administrations Energy policy could further the blow to alternatives or substitutes. St. Louis, Missouri is expecting snow today with accumulation with lows in the lower 20s. The December Natural Gas is currently trading 4.511, which is 41 cents higher. The trading range has been 4.929 to 4.05.

Have a Great Trading Day!

Natural Gas Futures Soar
 

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Natural Gas Futures Soar

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Comments (2)
Ying Yu
Ying Yu Nov 14, 2018 7:48PM ET
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Are you sure the weather is colder enough to increase 50% price of NG in 3~4 days? More like manipulation on purpose.EIA may investigate behind the abnormal price rally.
Angélique Hertig
Angélique Hertig Nov 14, 2018 3:48PM ET
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Is it still going up then?
 
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