Crude Oil: Traders were ”bargain” hunting in the Crude Oil market, after an attempt to move front month November Crude below $79 per barrel was met with fresh buying interest. Prices continue to hover just above $80 per barrel in early trader, with traders gearing up for this morning’s release of the weekly EIA energy stocks report. Current estimates are for a moderate decline in Oil inventories, with traders looking for between 300,000 and 600,000-barrel decline last week. Refinery utilization is expected to show a moderate increase of 0.4% to stand at 87.3%. This increase is expected to have produced an increase of Oil products, with Gasoline inventories expected to have increased by 500,000 barrels and distillates by 700,000 barrels last week. In early trade, November Crude Oil is trading at $80.54, up $0.22.

Wheat: Grain traders were in a selling mood yesterday, sending Wheat futures down the 30-cent limit all the way through the December 2008 contract. In overnight trade, lead month December Wheat continued to tumble at one point falling additional 30-cents, before moderate buying emerged to keep prices above $9.00 by the end of the overnight session. Traders mentioned a stronger U.S. Dollar, and disappointment that the U.S. did not receive any business from Egypt’s latest 80,000 metric ton Wheat tender as reason for the sell-off. However, the Australia Wheat crop continues to be decimated, as high winds and a continued lack of rainfall are leading some analysts to further lower their estimates for this seasons production. At the end of the overnight session, December Wheat was trading at $9.00, down 22 ½ cents.

Natural Gas: After rallying to near 6-week highs yesterday, November Natural Gas futures are showing moderate weakness this morning, as traders assess the possibility of a tropical storm forming near Key West, Florida, that has the potential to reach the Texas coast by the end of the week. In early trade, November Natural Gas is trading at $7.357, down $0.057.

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