07.21.2022 Energy
Jul 21, 2022
Energy prices are currently slipping lower with recession concerns and lower demand the driving forces. The weekly domestic EIA (Energy Information Agency) weekly report showed a build in gasoline stocks, with a reduction in both crude oil and diesel stocks. At the moment gas stocks in the US are 3% below the 5 year average, crude 6% and diesel 23% below the 5 year average. Even with current lower pricing diesel being 23% below the 5 year average does not bode well for the price drop to continue long term.
Propane saw a build in stocks via the weekly EIA report but are still below the 5 year average. Propane pricing has been flat for quite some time and at the moment appear to remain that way, with international exports backing off and a low demand time of year I do not see any major waves for the propane market near term.
Thank you,
Bill Pelzel
Propane saw a build in stocks via the weekly EIA report but are still below the 5 year average. Propane pricing has been flat for quite some time and at the moment appear to remain that way, with international exports backing off and a low demand time of year I do not see any major waves for the propane market near term.
Thank you,
Bill Pelzel