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Energy Update 8-14-23
August 14, 2023
Hello everyone,
I’d like to provide a quick update on the energy market and highlight a few key trends we’re currently observing. The energy prices are closely tied to China’s economic situation, which appears to be facing some challenges. At the same time, there’s growing attention on the potential tightening of oil supply, adding to the market’s complexity. From a technical perspective and according to expert opinions, there’s a suggestion that the market might be due for a correction, given its overbought condition.
Looking ahead, there are a couple of factors to monitor in the coming week. The U.S. dollar’s performance often has an impact on energy markets, and the speculative positions taken by money managers can also influence market dynamics.
On a different note, as we move through the summer season, it’s time to shift focus to winter propane contracts. Last year, we successfully increased our propane contracts by 300,000 gallons. This year, we’re aiming to exceed that growth. If you know of anyone interested in contract fuel, feel free to share my contact information.
Our team, led by Rusty Bogers, is working hard to keep up with tank installations in our trade area. Meanwhile, we’re actively recruiting transport drivers and propane service technicians. The drivers have been doing an excellent job delivering fuel and propane promptly.
Thank you for your continued efforts as we navigate these market trends and work together to seize new opportunities. If you have any questions or ideas, please don’t hesitate to reach out.
Best regards,
Dana Richardson
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