07.07.2023 Energy

Jul 07, 2023

A little less than a month ago I wrote about the constant volatility and large price swings in the Energy sector. At that time the price of crude oil was just under $73.00 per barrel. Today crude oil is just OVER $73.00 per barrel, clearly the Energy complex has taken a bit of a breather and operated somewhat normally for a few weeks! History tells us the longer a commodity stays in a certain range the more likely it is for something significant to happen to sway the market one way or another. Keeping that in mind know that Energy product prices are at levels we have not seen for a couple years, now may be as good of a time as any to strongly consider getting yourself positioned for fall work. If the Fed’s raise interest rates again per some analysts’ predictions fuel prices could go lower, if OPEC+ and Russia follow through with voluntary crude oil production cuts it may offset interest rate hikes and drive prices higher, either way as I stated we are in a somewhat decent price range. Also please keep in mind we are a full service Coop specializing in all of your Energy needs, as we approach harvest please reach out to us for Lube oil, grease, DEF, refined fuels, propane, and any propane service work you may need, sadly summer is flying by and we want to be fully prepared to serve you in the most efficient manner possible.
Thank you,

Bill Pelzel
CRC Energy Manager
Filed Under: BarrelcommodityCrudeDEFFedsGreaseOilOPECPredictionsPricesRatesRussiaVolatility