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Complex Poised To Take A Loss On The Week

Friday, Apr 23 2021
Market Talk

Energy prices are stepping timidly into the green this morning as the complex is poised to take a loss on the week. Japan becomes the latest country to sound the alarm on a sudden surge in COVID infections, only this time with the addition of confirmed double mutant cases. Of the world’s top five consumers of oil, four are now reporting an increase in positive cases while the other might not be telling the whole truth.

Corn futures settled limit up yesterday as what seems to be panic buying extends into Thursday. Ethanol prices continue to climb in suit reaching levels not seen since before the 2015 meltdown in energy prices but the unprecedented long positions in corn futures seem to be affecting more than just biofuel prices. Grain and oilseed prices are taking a breather and easing off multi-year highs this morning.

Biden has announced his intent to almost double the capital gains tax for those making $1M per year or higher. While equities moved lower yesterday on the news, futures seem to be pointing up ahead of the open, despite some expecting to see a wave of selling.

The EIA has published an interesting note on how the combination of rising oil prices, low interest rates, and low corporate bond yields have coaxed out debt and equity from crude oil exploration and production companies.

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