Energy Market Update – June 20, 2024

Oil supply growth for 2024. Rysted Energy reported earlier this week that they expect a slowdown in 2024 of global oil supply growth. This is due to OPEC+ extension on production cuts. Rysted Energy also stated they see a 80,000 barrel per day growth versus their before prediction of 900,000 barrels per day. The group also suggested an unchanged demand forecast. They also could see reduced production being a possibility in 2025.

It has been a busy day internationally as multiple countries are addressing interest rates. Norway announced that they would keep their interest rate at 4.5%, A 16-year high. They also do not foresee this number being reduced until 2025. This is later than what was previously scheduled. The Swiss National Bank announced a 25 basis points cut putting them at 1.25%. This was an expected cut and is their second cut after a similar cut in March. Switzerland’s inflation has been falling and is within the 0-2% target range, while economic growth has been on the rebound. Last week the European Central Bank had made a cut which was the first in 5-years. As anticipated the Bank of England decided to keep its main interest rate unchanged. It is sitting at 5.25% which is also a 16-year high. The Fed continues to delay downward U.S. interest rate adjustments, saying now possibly December? We will wait and see.

The DOE (Department Of Energy) report was released today. We saw a draw in all products. This is pushing products slightly higher today (at the time of this writing). Please see the report below.

We are still offering contracts for this year and spring of next year. Please reach out to you Energy Account Manager with any needs you may have.


Well, I know we continue to sound like a broken record when it comes to propane, but there just hasn’t been much news to talk about. We are not using a lot right now with the warm weather in affect. So far through the build season we have seen typical reports week in and week out. We ended up with a build of 1.635 million barrels today.

The two things that keep affecting propane are exports and the crude market. Exports seem to be running at their max the past few weeks. This can drive the market upward as we do not see the builds that we expect to see as they are exporting them overseas. The other factor is crude. With there being not much news for the propane market it a lot of times looks to crude for its direction. The current U.S. propane inventories are below.

We are offering contracting for the next heating and drying season. Please contact your Energy Account Manager for any needs you may have.

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