Today’s buzz begins with the double-dip drop in crude oil prices.
Priced dropped to six-year lows in late trading on Tuesday and after the API’s showed an over 10 million barrel build for the last week. EIA’s will be out shortly, but I expect the downside rally to continue.
IF I WERE YOU: I would not buy anything right now on a fixed price, unless I had to. That’s right, a propane wholesaler telling you not to buy…it’s not a typo. I will always give you my honest take; sit tight, find a target you want to hit, and if you get close to it, pull the trigger.
For those of you who lock in volumes on index, this would not apply to you. I am talking about fixed price values. The only thing I see turning oil prices around is some type of geopolitical incident or unrest, or if OPEC comes out and reverses their strategy of flooding the markets with crude. Otherwise, we will see crude go lower and into the $30’s.
— Dancy Dynamics (@DancyDynamics) March 18, 2015
— Black Diamond Research (@BlackDiamondRsc) March 18, 2015