Thank you to all our customers who made it out to the Fort Bp in Portage to celebrate Crawford Oil and Propane Customer Appreciation Day! We had a beautiful day and served over 400 people! A great time was had by all. Prizes were awarded, kids jumped in a bouncy house, and everyone had time to sit down and relax. Money was raised for River Haven Homeless Shelter in Portage. We appreciate all of our customers and just love throwing a celebration every year!
In crude oil news, crude oil prices closed at their lowest point of the year this week before rebounding. We are currently back to the low prices of a few months prior. WTI is just unable to hold above $55/barrel right now with the China trade war in bloom. China is devaluing their currency and threatening to use crude oil as a bargaining chip. If they unload the Iranian crude sitting in port, the market will absolutely collapse and bring some pain to the US oil industry. Also, the world is worried about economic slowdown coupled with the ability for the US to increase export capacity. Basically, the US will be putting more oil into the market over the coming six months with potentially less customer demand. And the US inventories rose over the past week during peak demand! There are a lot of bears out there right now! The only bullish news that kept WTI from breaking through the psychological price of $50/barrel was an emergency announcement from Saudi Arabia that they will do anything to keep prices from going lower. The announcement bumped crude back up over $4/barrel to finish the week just under $55/barrel. Next week will be very interesting.
In local news, prices of gasoline and diesel will continue to drop a bit at the pump. I believe prices will firm up again next week, but for now, you should see a little more relief on prices at the pump!
Propane prices continue to stay low, low, low. Propane inventories remain historically high and until a demand event kicks in, propane prices will follow crude. If you have have not ordered a summer fill, please do so! These prices are just too good to pass up. We also recommend contracting for the coming season. Our prices are lower than last year which is always a plus! Feel free to call the office or go online to place an order.
If you have any questions, comments, or concerns, please feel free to give us a call.
Jon Crawford – Pres.