- Private payrolls rose by 517,000 in March, which was the fastest growth rate since September, according to data from ADP. Despite the dramatic increase, performance was just below industry expectations. Economists polled by Dow Jones anticipated an increase of 525,000.
- Pfizer has reported that its Covid-19 vaccine is 100% effective in children ages 12 to 15. Pfizer has plans to submit the new vaccine data to the FDA as soon as possible, according to CNBC. Children in this age group would likely be eligible for the vaccine before the next school year.
- The Reuters poll of analysts and traders is estimating that the EIA will report a 107,000 barrel build in U.S. crude oil stocks for the week ending March 26. Yesterday afternoon an industry group reported that U.S. crude stocks rose 3.9 million barrels last week.
- The May crude oil contract is trading $0.14 higher at $60.69. The 20-day and 100-day moving averages are $62.68 and $53.13, respectively. The 14-day RSI is 48.50%.
- As of 9:09 am CST: June Brent is down $0.12 at $64.05, the U.S. dollar index is 0.136 lower at 93.161, while the nearby e-mini S&P 500 futures contract is up 18.00 points at 3,965.50.
- The April ULSD contract is trading $0.0003 higher at $1.7895. The 20-day and 100-day moving averages are $1.8623 and $1.6048, respectively. The 14-day RSI is 46.61%.
- The Reuters poll of analysts and traders is estimating that the EIA will report a 171,000 barrel build in U.S. distillate stocks for the week ending March 26. Yesterday afternoon an industry group reported that distillate stocks rose 2.9 million barrels last week.
- China’s Shanghai Futures Exchange stated today that its low-sulphur fuel oil futures contract was being used as a price benchmark for the first time ever in international trade. The futures contract was launched in June 2020 on the INE. The contract was created after the IMO 2020 ruling that prevented ships from using high sulphur fuel oil unless equipped with exhaust scrubbers.
- The April RBOB contract is trading $0.0110 higher at $2.000. The 20-day and 100-day moving averages are $2.0190 and $1.6676, respectively. The 14-day RSI is 53.52%.
- The Reuters poll of analysts and traders is anticipating that the EIA will report a 730,000 barrel build in U.S. gasoline stocks for the week ending March 26. Yesterday afternoon an industry group reported that U.S. gasoline inventories fell 6.0 million barrels last week.
- Propane prices are moving higher this morning. At last look, Conway propane was up $0.0200, trading at $0.8650. Mt. Belvieu was up $0.0275, trading at $0.9300.
- According to an OPIS survey of analysts and traders, the EIA is likely to report a 253,000 barrel build in U.S. propane stocks for the week ending March 26.
- The IHS Markit estimate is calling for the EIA to report a 1.572 million barrel build.
- The May Natural Gas contract is trading $0.010 lower at $2.613. The 20-day and 100-day moving averages are $2.629 and $2.701, respectively. The 14-day RSI is 43.07%.
- Tomorrow morning the EIA will release its Weekly Natural Gas Storage Report.
- Natural gas futures have slipped slightly this morning, as calls for much warmer weather will likely dampen demand. Record LNG exports are providing a layer of support to the market, however.
Energy markets will be closed on Friday, April 2 due to the holiday. CHS Energy Hedging will not be staffed on Friday.