Energy Market Update – March 8, 2024

The oil market has seen a lot of back and forth here the last week or so. Next, we will discuss some of the key pieces of news that affect the markets.

Supply and demand is always a key piece in market direction. Currently the global oil market is relatively well supplied. Some of this is due to demand growth slowing, and supply increasing from the Americas. Oil demand last year grew by 2.3 million bpd, the increase in 2024 is expected to be smaller, at 1.2 million to 1.3 million bpd. The IEA (International Energy Agency) expects supply to grow to a record high 103.8 million bpd. This is driven mostly by producers outside of OPEC+, including the United States, Brazil, Guyana. Below is this week’s DOE report.

Interest rates are another key factor to keep an eye on. The Fed explained yesterday that their policy rate is likely at its peak. It will likely be appropriate to begin dialing back policy restraint at some point this year if the economy evolves broadly as expected. The Fed also added that the economic outlook is uncertain, and ongoing progress toward the 2% inflation objective is not assured. The Committee does not want to reduce the target range until it has gained more confidence that the inflation is moving substantially toward 2%.

Spring planting season is coming quickly. Now is a good time to check your fuel barrels and get them filled up before the big push starts. Please contact your Energy Account Manager if you need a fill or would like to look at locking in product for the planting and harvest seasons.


There has continued to be good draws on the propane storage up until this week. The warmer weather has really slowed down propane demand and has contributed to inventories being 4% above the five-year average for this time of year. Exports of propane were still going strong this week and came in at 1.858 million bpd, up from last week which was 1.661 million bpd. The current U.S. propane inventories are below.

Please call your Energy Account Manager if you would like to look at locking in product for this upcoming heating and drying season.

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