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Another Quiet Start

Tuesday, Nov 12 2019
Market Talk

It’s another quiet start as energy and equity markets around the globe seem to be waiting on a speech from the US President to see what might come next in the ongoing trade saga. Several US equity indices are hovering near their all-time highs, while oil prices are holding near 6 week highs, waiting for their next catalyst. 

While the correlation between equities and oil prices have strengthened in recent weeks, diesel prices are trading lower for a 5th straight session, breaking away from the herd, despite tight supplies and expectations for strong early-season heating demand.

Volatility for both equity and energy contracts remains near the low end of their historic ranges, suggesting there’s still a bit of apathy in these markets, that is viewed by some as a calm before the storm.

Speaking of storms, so far there don’t appear to be any reports of new refinery problems caused by the winter storm sweeping the nation, but with record-setting cold sweeping through refinery country Monday afternoon, it seems likely there will be some complications.

While ethanol RINs continue to languish under the weight of excess inventory and ample production, Biodiesel RINs reached an 18 month high in Monday’s trading. Biodiesel producers face a challenging environment with Congress appearing more focused on little things like impeachment, and less on big issues like a retroactive blender’s tax credit for a product that already has a federal mandate, with many expecting more plants to shutter as a result.

Click here to download a PDF of today's TACenergy Market Talk.

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