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

Energy Futures Continue To Tread Water

Friday, Apr 5 2019
Market Talk

Energy futures continue to tread water for a 2nd day after reaching highs for the year earlier this week. Brent crude broke above $70 for the first time in nearly 5 months during Thursday’s session, marking a 30% increase for the year so far, before pulling back to hold in the mid-$69 range. The $70 mark does look like it could offer some resistance on the chart as an old support level from last August now reverses roles , but if Brent can break through $70, there’s not much on the charts to prevent another $5-10 of gains.

The most notable price action this week has come on the West Coast, where basis values for California gasoline grades have surged to 40 cents over futures prices due to ongoing refinery issues. Oddly enough, the state’s inventory reports show that it’s diesel production that appears to be suffering due to those outages while gasoline output remains in average territory, yet cash markets for distillates are only trading about a dime over the screen.

The March non-farm payroll report showed 196,000 jobs added in March, while the headline unemployment rate (3.8%) and “U-6” rate (7.3%) both held steady for the month. Stock and energy futures both ticked up slightly in the minutes following the report as it seemed good enough to allay fears of a pending recession, while not being so good that it would encourage the FED to reconsider its plan to stop raising interest rates this year.

The Dallas FED seemed to concur with the nationwide labor report in its economic activity report released yesterday. Employment in the state has stabilized since a small downturn late in 2018, but slower activity in energy-related fields continues to be a drag on growth.

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

Market Talk
Latest Posts

Market Talk

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

  • 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.