Happy Friday! So WTI closed above $60/barrel this week and held. The move higher is being mostly blamed on sentiment and not fundamentals. In addition, trading volume is light at the end of the year, so I have caution that this will hold into 2020. All eyes are on trade deals, the FED, and end of year economic data. For now, I always tell people to close their eyes, enjoy the holidays, and we will revisit after New Year’s. 🙂
In local news, gasoline prices continue to have a wide range across the market. Retail prices on gasoline are ranging from $2.19 – 2.59! Diesel prices are holding steady below $3/gallon and I expect to see that trend continue. Hopefully we will see these lower prices through the holiday travel season.
Propane prices dropped off a bit with ease in supply problems. In addition, warm weather is on the horizon which is putting a lid on price increases. Propane prices are truly following the price of crude, but supply fundamentals are keeping propane in check. If you are a will-call customer, please make sure to call when your tank is around 30%. We are very busy this time of year and we want to ensure efficient delivery to your home. 🙂
As always, if you have any questions, comments, or concerns, please feel free to give us a call!
Jon Crawford – Pres.