• Supply
  • Social Media
VisitTAC - The Arnold Companies
Customer LOGIN
TACenergy
Customer
LOGIN

Complex Managed To Shrug Off Sell-off In Equity Markets

Tuesday, Aug 13 2019
Market Talk

It’s another quiet start for energy futures Tuesday after the complex managed to shrug off a large sell-off in equity markets to start the week, with rumors of a new OPEC production cut getting credit for the relative strength. WTI did manage to trade north of $55 overnight before pulling back this morning, marking a 9% bounce from last week’s lows.

While petroleum prices were going nowhere Monday, corn prices had their worst sell off in more than 5 years, trading limit-down (25 cents/bushel) after the USDA reported more acreage planted than had been expected due to widespread flooding this spring. Ethanol prices fell 8 cents in sympathy. RIN values continued to slide following Friday’s EPA announcement of 31 approved small refinery waivers, although it’s worth noting that 6 applications were rejected this year, the most in 3 years since a federal court ruled how the waiver should be applied, which lowers the total amount of fuel exempted from the RFS.

The EIA’s monthly drilling activity report is projecting further increases in shale output in September, which should bring total US production to a new all-time high despite the reduction in active drilling rigs. The “DUC” count remains north of 8,000 wells, which means production can continue to grow for months, even with fewer rigs at work.

Feeling the heat? You’re not alone. Texas set a new record for electricity demand this week, and electricity prices saw a huge spike that show one of the downsides of the state’s recent reliance on wind farms.

CLICK HERE for a PDF of today's charts

News & ViewsMarket Talk

News & Views
Latest Posts

KTBS 3 Spotlight on TACenergy Leadership COO Fred Sloan - Sharing Thoughts on Changes in the Gas Market
Go Rentals Opens 10 New Locations with Partner, TAC Air
Tac Air's new facility features B17-G model airplane, Military Situation Room
TAC Air B-17G Model Brings Nostalgia and Tears

News & Views
Archive

Market Talk
Latest Posts

Market Talk
Archive

TACenergy logo
Sales:  800-375-FUELSupply & Logistics:  800-808-6500

Get in Touch

Sign up to receive market talk updates in your inbox each day.
Establish a credit account.
Apply For Credit
Need to make a fuel order today?

Follow us

TACenergy
  • Supply
  • News & Views
  • Market Talk Updates
  • Social Media
  • Contact a Representative
  • Customer Login
  • Apply For Credit
Find Your Next Great Role With TACenergy.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
  • Sitemap
TACenergy, LLC © 2022. All Rights Reserved.