Energies are mixed this morning, trading is light with the holiday week. Crude and refined products have been on both sides of the market in early trade and look for volatility throughout the week.
Due to the holiday this week, the Department of Energy weekly inventory reports are due out one day later this week and are scheduled for Thursday. Estimates are for a 2.5 million barrel draw on crude oil (bullish), 1.0 million barrel build on both gas and diesel (neutral to bearish). I have not seen the estimates on propane, but inventories are well behind the average which is very supportive to prices remaining steady to higher.
China raised their interest rates to slow down their economy-bearish for energy.
Portugal debt rating has slipped to “junk” status. This is supportive of the U.S dollar and is bearish for energies. Ireland has also been put on the watch list.
If you have not locked in any diesel gallons for Fall field work, propane for corn drying, or fuel oil/propane for winter home heat, give us a call as we have contracts and contracting options available year round…
