Can oil (NYMEX:CLX13) traders find happiness and fulfillment without the Energy Information Administration reports? The oil trade continues to be influenced by the gridlock in Washington as the so called deadline for the debt ceiling fast approaches. With talks breaking down between the President and House speaker, there is not a lot to be optimistic about except that we will come to some type of last minute extension. China inflation surged 3.1% on the back of higher food costs.
In the meantime traders will focus on the American Petroleum Institute for direction and from Genscape. Genscape in a magnanimous gesture will post its proprietary data on Cushing, Okla. oil inventories free to the public at 10:30 a.m. on Oct. 17, when the U.S. Energy Information Administration was scheduled to release its weekly inventory report. Genscape Inc. says that with the Nuclear Regulatory Commission (NRC), the Energy Information Association (EIA), and the United States Department of Agriculture (USDA) all reporting potential inabilities to issue reports vital to the proper functioning of the commodities and energy markets, Genscape is leveraging its vast proprietary network to ensure transparency and efficiency to all market participants.
“We’ve spent over a decade installing thousands of in-the-field energy monitors to record and report fundamental data across the commodities and energy spectrum,” says David Francoeur, chief marketing officer at Genscape. “We are uniquely positioned to deliver hard data to market participants, and consider it an honor to help maintain a normal course of business should government furloughs require our assistance.”
Genscape is preparing to backstop the EIA Weekly Cushing Oil Storage Report, as well as the USDA corn crop yield forecast. Genscape is the leading global provider of energy information for commodity and financial markets. Genscape provides accurate and timely data on capacities, flow and utilization for all major energy commodities. With thousands of sophisticated energy monitors strategically deployed all over the world, Genscape is able to measure and collect energy market fundamentals.
Natural gas hits a three month high as cold temperatures and another Gulf Storm have the shorts running for cover. Yet the underlying sense of natural gas is another reason for support as switching to natural gas is coming at a much faster pace than many experts predicted.
The Star Tribune reports that “’Trucking fleets are converting in droves from diesel fuel to natural gas, said John Hausladen,’ CEO of the Minnesota Trucking Association, which hosts a related summit Thursday at the Earle Brown Heritage Center in Brooklyn Center. Natural gas is plentiful, up to $2 cheaper per gallon than diesel fuel and manufacturers are collaborating on heavy-duty engines that can power big rigs, Hausladen said. ‘New natural gas engines are more expensive but the difference in price can be paid back in a couple of years or less,’ he said. “We’re seeing the fueling network being built out.” Moreover, it’s cleaner-burning and cuts carbon-dioxide and other emissions."