01.19.2023 Energy
Jan 24, 2023
January 19, 2023
This week’s inventory report tells us crude oil stocks rose 8.4MB putting us 34 MB above last year’s level, diesel stocks fell 1.9MB sitting 12MB below the 2022 level. Gasoline stocks increased 3.5MB due to expected post-Holiday low demand, gas stocks now sit 17MB under the 2022 level. Propane stock volumes fell 2MB to almost 77MB vs just under 59MB at this time last year on normal demand and product exporting. With recent stock market downside we would expect oil to have pulled back more than it has as equity markets typically move in a similar fashion. This is cause for concern that if/when the stock market finds its footing Energy prices could potentially go much higher. Another factor supporting higher pricing is we are entering refinery planned maintenance season which obviously takes some National crude oil production offline causing demand to outpace supply. Long story short positioning for 2023 Energy needs now or sooner seems to be the logical thing to do!
An exciting non market bit of info I’m excited to share is that Friday January 20th we expect to have 2 new 60k propane storage tanks added to our existing 120k storage at the Fairfax East location, CRC is proudly doing what it takes to be supply positioned appropriately for our patrons!
Thank you,
Bill Pelzel
An exciting non market bit of info I’m excited to share is that Friday January 20th we expect to have 2 new 60k propane storage tanks added to our existing 120k storage at the Fairfax East location, CRC is proudly doing what it takes to be supply positioned appropriately for our patrons!
Thank you,
Bill Pelzel
This week’s inventory report tells us crude oil stocks rose 8.4MB putting us 34 MB above last year’s level, diesel stocks fell 1.9MB sitting 12MB below the 2022 level. Gasoline stocks increased 3.5MB due to expected post-Holiday low demand, gas stocks now sit 17MB under the 2022 level. Propane stock volumes fell 2MB to almost 77MB vs just under 59MB at this time last year on normal demand and product exporting. With recent stock market downside we would expect oil to have pulled back more than it has as equity markets typically move in a similar fashion. This is cause for concern that if/when the stock market finds its footing Energy prices could potentially go much higher. Another factor supporting higher pricing is we are entering refinery planned maintenance season which obviously takes some National crude oil production offline causing demand to outpace supply. Long story short positioning for 2023 Energy needs now or sooner seems to be the logical thing to do!
An exciting non market bit of info I’m excited to share is that Friday January 20th we expect to have 2 new 60k propane storage tanks added to our existing 120k storage at the Fairfax East location, CRC is proudly doing what it takes to be supply positioned appropriately for our patrons!
Thank you,
Bill Pelzel
An exciting non market bit of info I’m excited to share is that Friday January 20th we expect to have 2 new 60k propane storage tanks added to our existing 120k storage at the Fairfax East location, CRC is proudly doing what it takes to be supply positioned appropriately for our patrons!
Thank you,
Bill Pelzel