Grains Commentary
The overnight markets have once again given a little for everyone as the markets have traded on both sides but seem to gaining some strength through the early AM hours so far.
futures
Daily Energy Report
WTI is showing difficulty in trading above the $94.00/bbl price level, while Brent is doing the same near $113.00/bbl. The oil markets may continue to remain range-bound in the near-term, as influencing factors are somewhat mixed. The upside will focus on improving economic data, buying by managed money accounts, and fresh refinery issues with Motiva
Grains Commentary
The markets are trying to recover from the bad hang over of the first week of 2013 as grain markets are testing areas that have not been seen since before the start of the worst drought in 100 years.
Daily Energy Report
The oil market may remain in a mixed trend in the near-term as it has in the last three sessions, with underlying factors somewhat balanced. Recent support has been given by improved signs of economic growth, COT data, the grounding of Shell’s oil rig in Alaska, and the ramp-up of the expanded Seaway pipeline this week. Environmental groups have already called on the president to suspend drilling permits in the Arctic
Natural Gas Commentary
Natural Gas traded higher, settling $3.287 up $0.089 2.7%. The curve was firmer, 13/16 $0.03 tighter (J13/F14 $0.02 better). Hub cash was ~$0.03 back this morning, Z-6 fell to $1.00 to $4.80.
Daily Energy Report
The short-term trend of the energy markets has been on the upside for nearly a month now, but prices are approaching levels that have traditionally caused problems for rallies. The weekly chart below suggests that WTI may be able reach the falling trendline near $101/bbl without creating any appearance of excess, however, demand would then become a concern as rationing will eventually return
Daily Energy Report
Our view of the oil markets is generally unchanged today from the outlook we made yesterday. Prices could continue higher over the next week or so, but we remain cautious about the ability of the rally being maintained.
Natural Gas Commentary
Natural Gas traded lower, settling $3.233 down $0.118 (3.9%). The curve was weaker, 13/16 down $0.05, J13/V13 $0.02 weaker, V13/F13 out $0.01. Hub cash was firmer, ~$0.03 back this morning, Z-6 fell to $9.80 from $16.88 Monday.
Daily Energy Report
Oil prices could continue higher over the next week or so, but we’re cautious about the possibility that yesterday’s rally has difficulty being maintained. The market may gain support from signs of improved economic conditions following PMI data in China and the U.S., the breakout in S&Ps to 2 1/2 month highs, signs of fund buying in COT data, and the military exercises being conducted by Iran
2013 Energy Outlook
2013 Energy Outlook – Despite the relatively sideways trading range and declining volatility that the last few months of 2012 has brought the oil markets, underlying developments have remained fairly dynamic. The November election in the U.S. and change of power in China