Today we have the ISM Non-Manufacturing index at 9:00 A.M., EIA Energy Stocks at 9:30 A.M. Fed minutes from the March meeting and Dairy Products and Dairy Product Sales at 2:00 P.M.
Last night’s API data showed a bullish spin with Crude Oil inventories down 1.8 million barrels, which showed the OPEC production cuts are working despite slow compliance from Iraq and Russia. Crude oil shot up through $51 a barrel after the news and this morning’s EIA Energy Stocks could confirm this market is ready to drive upward. In the overnight electronic session the May crude oil is currently trading at 5156 which is 53 points higher. The trading range has been 5171 to 5111.
On the Natural Gas front yesterday’s rally was caused as rumor has it and the stories of why we would be up so much in shoulder season is that nuclear power plants were under maintenance and to overhaul for future grid usage. In the overnight electronic session the May Natural Gas is currently trading at 3.268 which is 2 ½ cents lower. The trading range has been 3.295 to 3.262.
On the Ethanol front the April contract expires today and there were no trades posted in the complex in the overnight electronic session. The May contract settled at 1.649 and is currently showing 1 bid @ 1.634 and 1 offer @ 1.658 with Open Interest at 3100 contracts.
On the corn front the Grain complex is trading higher after a January and February light winter and no measurable snow to speak of. How the winds have changed in this planting season with the weather outside fright full and we are expecting snow, snow and possible accumulations in some growing areas. In the overnight electronic session the May corn is currently trading at 364 ½, which is 1 ½ of a cent higher. The trading range has been 365 ¼ to 362 ¾.