As the trade war potential with China was cooling and putting a little floor on WTI around $61/barrel, President Trump tweeted aggressive responses in Syria and taunted Russia. With stability in Syria being very fragile at the moment, the tweets from President Trump caused an immediate $5 premium to be added on to both WTI and Brent, along with a 20 cent per gallon increase in cost of both gasoline and diesel. Until we hear what the U.S. is going to do in Syria, we will hold these numbers. If we decide to not escalate the situation any further, traders will sell the news and back down towards $60 WTI we will go. Regardless, for right not it’s sit tight until maybe the end of the month.
In local news, retail cost of gasoline and diesel both increased near 20 cents/gallon, so I would expect to see retail prices climb.
Propane prices are nearing the lowest of the last six months. However, demand has been very high this April. I would expect to see summer fill prices not start until towards the end of May at this rate. More info to come over the coming weeks.
As always, if you have any questions, comments, or concerns, please feel free to give us a call.
Jon Crawford – Pres.