10.03.2024 Energy
Oct 03, 2024
10-3-24
The price of crude oil has risen 5% this week as the Energy market anticipates potential supply disruptions from the escalating Middle East situation. As I mentioned in my last edition we were and still are at a three-year pricing low. My best recommendation is to keep your fuel tanks full as you move through harvest. CRC has ample fuel storage and good processes in place to keep product flowing in and out. But please keep in mind, a harvest such as what appears to be shaping up with dry conditions, worldly political tensions, and general market volatility, will call for a rapid pace of fuel demand!
Offsetting my previous paragraph is the fact that OPEC has plenty of room to increase crude oil capacity if needed and if they are willing. Libya has also reopened oilfields that had been shut down due to disputes they were having in their banking industry. Currently, hedge fund buyers, have a never-before-seen low position in crude oil. This prevents higher pricing for the moment.
Propane is in good supply; CRC is prepared for whatever this harvest season demand may be or NOT! Propane prices have followed crude oil’s recent price increases. Thankfully CRC is positioned to provide supply and favorable prices as we move through fall/winter. As with fuel do not hesitate to keep your propane tanks full if you indeed will be drying corn. Help CRC help you!!
Thank you for reading, have a safe harvest and please call your local CRC Energy office for any of your supply, pricing, or product needs!
Bill Pelzel
CRC Energy Manager
The price of crude oil has risen 5% this week as the Energy market anticipates potential supply disruptions from the escalating Middle East situation. As I mentioned in my last edition we were and still are at a three-year pricing low. My best recommendation is to keep your fuel tanks full as you move through harvest. CRC has ample fuel storage and good processes in place to keep product flowing in and out. But please keep in mind, a harvest such as what appears to be shaping up with dry conditions, worldly political tensions, and general market volatility, will call for a rapid pace of fuel demand!
Offsetting my previous paragraph is the fact that OPEC has plenty of room to increase crude oil capacity if needed and if they are willing. Libya has also reopened oilfields that had been shut down due to disputes they were having in their banking industry. Currently, hedge fund buyers, have a never-before-seen low position in crude oil. This prevents higher pricing for the moment.
Propane is in good supply; CRC is prepared for whatever this harvest season demand may be or NOT! Propane prices have followed crude oil’s recent price increases. Thankfully CRC is positioned to provide supply and favorable prices as we move through fall/winter. As with fuel do not hesitate to keep your propane tanks full if you indeed will be drying corn. Help CRC help you!!
Thank you for reading, have a safe harvest and please call your local CRC Energy office for any of your supply, pricing, or product needs!
Bill Pelzel
CRC Energy Manager