The energy markets seem to be taking a little breather today. At the time of this writing markets are down across the board. Let’s look at some of the news affecting the markets.
The U.S has increased sanctions against Russia over the war in Ukraine. Seven Russian banks along with a dozen companies were added to the trade blacklist. The Treasury Department said companies based in United Arab Emirates, Turkey, and China continue to send drones and goods that could be used to aid Moscow’s invasion of Ukraine, leading the U.S to impose further action against the ‘evasion of current sanctions’ to these countries.
The U.S. Treasury Department has temporarily lifted sanctions on Venezuelan crude, paving the way for them to export crude, gas, and fuel. This was done to push toward the process of a fair and open Venezuelan presidential election. PetroChina is proposing to buy up to 8 million barrels a month of the Venezuelan crude from PDVSA, a state run oil company. They are hoping this will resume their trade that was suspended four years ago.
U.S. unemployment data revealed a deceleration in the pace of hiring. The October jobs report fell short of expectations after economists projected the U.S to add jobs. The unemployment rate came in at 3.9% which increased from 3.8% in September. The Federal Reserve looks at the labor market as a key indicator to the possibilities of interest rate decisions.
If you have any questions or would like to talk about locking in future needs, please contact your Energy Account Manager.
Please see this week’s inventory report below.
Propane
Overall, propane is still relatively trading in the same range it has for quite some time. This is due to healthy inventories and overall, below average corn drying conditions. We did see cold temperatures engulf much of the U.S. This has now moved east leaving more seasonal temperatures. Going forward, weather forecast will dictate the pulse of propane. This week’s inventory results are located above.
If you have any questions or would like to talk about locking in future needs, please contact your Energy Account Manager.
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