Happy 4th of July weekend!
I want to wish everyone safe and happy travels this weekend! I hope the weekend is fun and full of laughter! I will keep the update fairly short and straight forward. And that’s easy because not much happened this week! 🙂 Crude oil price traded in a very narrow range all week. There was a little news here and there that would try and move prices: possible civil war in Russia, Saudi Arabia cutting oil shipments to the US, and the US Crude Oil Inventories reporting a huge draw on Wednesday. I guess traders are still in a “wait and see” pattern. The week leading up to a holiday and the week after can be a bit wonky as many traders take vacation and not much liquidity moves in the market. So we should probably see some more action in the coming weeks.
Gasoline cost ended the week only five cents higher than Monday. And diesel cost ended the week about five cents lower. Therefore, I would not expect to see much change in retail prices at the pump going into the travel weekend. This is good news to all the drivers out there. The usual “run up” on gasoline price going into a big holiday weekend did not happen.
Propane prices traded so narrow it’s almost like they didn’t even trade. We are officially at a new low price as competition for summer fills heated up (no pun intended). We highly recommend everyone to fill their tanks now and contract for the next heating season.
As always, if you have any questions, comments, or concerns, please feel free to give us a call.