It appears the bulls are in control of the market. The uptrend began July 19th and has been up every day since on crude and distillate, gas had one minor down day, other than that it is all on the upside. This morning the market was fairly quiet, and thoughts were that maybe traders would …
Energy Market Update: July 14, 2023 Production shutdowns in Libya and Nigeria have led to strain on inventories and strengthened demand for US crude. Libya is shut down due to protest at some of their oil fields. This has resulted in halting nearly 370K barrels per day. Shell shut down Nigeria’s loading into a terminal. …
Late Thursday, the Senate passed a House-approved bill to raise the debt ceiling, sending the legislation to President Joe Biden. He is expected to sign it into law today and address the nation at 7 p.m. ET. The market had been fairly quiet this week, seeming to hold its’ breath until the decision passed, or …
Energy markets are seeing gains across the board this morning. There are multiple contributing factors this week. Here are a couple of headlines we are watching. U.S. debt ceiling, Fed rate hikes scheduled for June, China demand, wildfires in Canada. These issues were enough to push markets higher even though we had a good Department …
Energy Market Update: May 5, 2023 A tug of war has been the story since mid-April with both market movement and basis. Look further down in this Energy Update for an explanation about basis. The upside started with basis in the drivers seat on April 20th. That trend continued through April 26th. The tide …
Energy Market update: April 21, 2023 Crude and products are edging higher in Friday morning trade, but all three segments are still on pace for a weekly decline. A combination of slowing economic data and mid-week rising gasoline inventory numbers rekindled recessionary fears in the market. Last week the weekly jobless claims report showed an …
The markets were quiet at the end of last week as the NYMEX was closed in observance of Good Friday. The quiet day welcomed reprieve from market changes that started Monday and continued through Wednesday. Over the previous weekend the OPEC+ group made a surprise announcement of additional production cuts that pushed prices up over …
WE’RE FINISHING 2023 STRONG by: Kevin Jones, President/CEO We just finished our six-month financial review of Fiscal 2023. Halfway through the year, NuWay-K&H Cooperative is exceeding all budget targets. We expect to finish 2023 strong. On the agronomy side, 80% of our yearly business is done in the fall, so once we’re through this six-month …
This week there has been many headlines affecting our current and future pricing of diesel and gas products. The majority of the days this week the market was down on all products. Today started out higher but is trending close to flat at the time of this writing. OPEC+ held a meeting yesterday to discuss …
