I wanted to wish everyone safe travels this Easter weekend. We hope everyone enjoys time with family and friends. The weather is looking excellent which will be a nice reprieve from the past week!
Not much has changed in the market place. There is a short week of trading this week since the market is closed on Friday. I am waiting for next week to see how news is truly digested. Right now Venezuela is avoiding sanctions by selling crude through Russia. Russia is really getting anxious and wanting to pull out of the OPEC deal. The US continues to produce at record levels above 12M barrels/day. The jobs report was good and earnings have been strong. In regards to technical trading, WTI crude oil has been unable to break through the resistance level of $65/barrel. So for now, we are taking a breather.
Retail prices on gasoline and diesel are holding steady with the market. As I have been saying, I’m not seeing much price relief at the pump in the coming weeks.
Propane prices continue to detach from crude oil and are far showing the most bearish fundamentals we have seen in a long time. I expect prices to stay low throughout the summer. Keep a lookout for next season heating contracts around July. I am thinking that prices will be very similar to last year, even though crude prices are 25% higher.
As always, if you have any questions, comments, or concerns, please feel free to give us a call.