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U.S. Crude Oil Inventories

By Dan FlynnCommoditiesNov 15, 2017 12:28PM ET
U.S. Crude Oil Inventories
By Dan Flynn   |  Nov 15, 2017 12:28PM ET
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Busy Report Day

Good Morning!

We start off the day with Business Inventories, CPI, Real Earnings and Retail Sales at 7:30 A.M., EIA Energy Stocks at 9:30 A.M., NOPA Crush at 11:00 A.M. and Dairy Product Sales at 2:00 P.M. Last Trading Day on November Lumber, Palm Oil, Russian Ruble, Short Sterling and London White Sugar. Last Trading Day Options with November Australian Bonds, Russian Ruble and December (ICE) WTI Crude Oil, New York Crude Light, N.Y. Platinum, Palladium and Sugar #11.

On the Corn front harvest is being slowed by wet weather across the plains and Mid-West with winter-like storms approaching from the west and north. The yields we have witnessed so far see no recovery after harvest Thanksgiving rally. In the overnight electronic session the December Corn is currently trading at 338 ¾, which is a ¼ of a cent higher. Yes I said higher. The trading range has been 338 ½ to 337. We have a lot off carryover to breakdown and make Ethanol to export.

Speaking of Ethanol, “All is quiet on the Western front”, with no trades posted in the overnight electronic session. The December contract settled at 1.405 with the market currently showing 2 bids @ 1.392 and 1 offer @ 1.407 with declining Open Interest at 1,193 contracts.

On the Crude Oil front, the International Energy Agency (IEA) released a statement that demand was coming to a halt with the global economies. Amazing statement when I see many countrys' GDP growing by leaps and bounds and another amazing thing is the IEA represents consuming Oil counties that import and not producing counties that export. This is not the first time such an outlandish statement came from this International Agency that I can only guess who governs but there is a pattern when they release this news that in reality turns out to be false. This morning we have the U.S. Energy Information Administration (EIA) release their version of weekly Energy Stocks, which may counter the IEA that OPEC production cuts are working and the market is getting back in balance. In the overnight electronic session the December Crude Oil is currently trading at 5515 which is 55 points lower. The trading range has been 5526 to 5497.

On the Natural Gas front changing weather forecasts has the market inching higher but trading a weather market with a U.S. model and a European model leads to sharp selloffs after forecast were changed to warmer from colder, and those forecasts did not become reality. In the overnight electronic session the December Natural Gas is currently trading at 3.127, which is 2 ½ cents higher. The trading range has been 3.134 to 3.069.

Have a Great Trading Day!

U.S. Crude Oil Inventories
U.S. Crude Oil Inventories

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