10.06.2023 Energy

Oct 11, 2023

In my last edition I wrote of crude oil production vs. consumption, in this edition I want to share who the largest importers and exporters of crude oil are. Before I do that, I think it’s interesting to note that crude oil is now the world’s most valuable exported product for 2022 passing up electronic integrated circuits.
The top 5 exporters of crude oil are in order - Saudi Arabia, Canada, Russia, the United States and the United Arab Emirates. These 5 exporters combined supply just under 44% of global exported crude.
The top 5 crude oil importers in order are - China, the United States, India, South Korea, and Japan. Interestingly only the U.S. made both lists!
In current news and to continue the month’s long volatility of Energy product pricing I must report that the price of crude oil fell dramatically this week mainly to due to Russia easing their ban on exporting fuel. The crude price is now at a 5 week low, not too common during the middle of harvest! Speculation of tighter global crude supplies because of lower production has some analysts predicting this to be short lived and recommending now to be a good time to get positioned for 2024 energy needs.  All members of the CRC Energy Administration staff are more than capable and willing to assist with this so please call your favorite energy office and get some fuel locked in!
Propane pricing is also very flat at the moment, with propane stocks sitting at the 3rd highest reported level all time for this week, low domestic demand, and solid production going on I do not see a major price movement for propane in either direction. However it is generally recommended to cover at least a portion of all winter propane needs, if I haven’t beat it into the ground often enough the extreme energy complex volatility can dramatically change pricing on a moment’s notice. Keep in mind our propane prices are approximately .40 cents per gallon below last year’s level at this corresponding time.
Thank you for reading and thank you for your patronage!
Bill Pelzel-Energy Manager CRC