Moving Closer To 2021- Let’s Hope This Will This Be A Good Thing. The Corn & Ethanol Report

On the Natural Gas Front prices have been dropping ahead of the inventory report. U.S. natural gas consumption is expected to decline year over year in 2020 according to the EIA. The weather is expected to be warmer than normal throughout the U.S. for the next two weeks according to the NOAA. Natural Gas prices broke down again on Wednesday falling nearly 4% and poised to test target support of 268 which is currently right on the money and the test begins Round 1. The EIA Gas Storage is today and the weekly Thomson Reuters poll with 16 analysts participating, have estimates ranging from withdrawals of 28bcf to an injection of 3bcf with the median decrease of 12bcf. This compares to the one-week decrease of 57bcf and the five-year average withdrawal of 61bcf. In the overnight electronic session, the January natural gas is currently trading at 2.669 which is 0.111 lower. The trading range has been 2.768 to 2.663.

On the Crude Oil Front that experiment in socialism reared its ugly head once again, and after experimenting for over a century the study has proven to bat 1,000 as it has proven 100% of the time it is the wrong thing to do and will kill your countries wealth. If you can’t be good, be consistent and socialism numbers speak volumes of the atrocities it has caused. Venezuela’s gas shortage is worsening. After years of mismanagement from a corrupt government in regime 1 and 2, U.S. sanctions Venezuela’s imports have nosedived. Oil workers are ready to accept bribes as their meager salaries quickly evaporate with the hyperinflation. And more drama in the OPEC+ negotiating world. In the overnight electronic session, the January crude oil is currently trading at 4486 which is 42 points lower. The trading range has been 4548 to 4466.

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