The star player today may indeed be European Central Bank chief Mario Draghi as he has teased the market about moving to a form of Quantitative Easing yet few believe that he will actually go there today.
Can oil traders find happiness and fulfillment without the Energy Information Administration reports? Genscape is preparing to backstop the EIA Weekly Cushing Oil Storage Report, as well as the USDA corn crop yield forecast.
In an environment of unprecedented accommodation, even a hint that the money printing will be curtailed can act like a tsunami on financial markets. Despite the headwinds, there are markets where traders can find refuge, an oasis where commodity-specific fundamentals prevail.