The energy complex is quietly lower as we wait for the key August Employment Situation Report except for the slightly higher trading natural gas market. Unemployment was 9.5% last month and the trade expects 9.6% unemployment for August. This is the wrong trend for a hopeful healing economy. Economic data and an oil rig fire supported the energy market yesterday. Hurricane action will keep the energy market on edge even as Earl, Fiona, and Gaston fade away from Gulf of Mexico oil and gas assets. Global equities are trading firmer perhaps following a yesterday’s stronger U.S. market. Today U.S. stocks market appears to move higher this morning, but all is on hold until employment number is released.

Propane demand is very weak as the U.S. 4 week stock build rate is on pace to set record rates. Price trend has a limited rally potential, yet remain surprisingly firm in comparison to crude oil. The lack of fall corn dryer demand should allow for stocks build toward excess levels.

The employment news this morning is certainly the key to today’s market action. This week’s global manufacturing news may be enough this week to sway market away from a double-dip recession. The Fed will have more information to ponder.  I contend that trade volume is so thin that the market is not prepared to make a forceful market conviction either way. Trade activity is featured as a holiday trade as thin, low volume trade. The market was spooked by another Gulf of Mexico oil platform incident, but the more important market feature is the regular occurrence of tropical storms and hurricanes.

Middle East politics remains the only other major threat to the oil complex with Israel, Palestine, Iran duking it out verbally, so far. We can all place our own probability on this one. So we remain range bound and waiting for the return of the full global market force, hurricane action, and any other market catalyst to push this market higher.