Good evening blog readers. Lets talk Energy. It has been a bullish market the past few weeks in energy, with both diesel and gasoline seeing ten to fifteen cent gains. Crude has been playing the up and down game, but really holding in the $79.00-$83.00 range. Today's' energy market moved lower with the dollar trading higher and lingering concerns about credit issues in Greece. Overall this week the energy market is still showing gains with most available news pointing in a positive direction for demand and economic recovery. Looking ahead the market seems to still be in bull control, with technical traders calling for $88 short term crude. The current resistance is holding at $83.00, today's close was $82.20 with .73 losses. Thus far the bulls have diminished the fundamental data and continue to focus on the demand to come. Keep in mind it is rare to see a significant pull back as we head into the spring and summer months. If the market jumps past the $84 range, expect to see the prospect of $88 to $90 crude, causing product to follow suite; pump diesel prices in the $3.25 plus range.
It's a good time to fill the tank for spring, bio diesel products are bonding and mixing well with the break in the weather, so no time like the present. On the bio diesel note, it was brought to my attention that the $1 blenders credit for bio diesel blenders like our self, will still be without our subsidy. The previous $1 per gallon credit expired on January 1st, 2010 and while it has been passed by Congress, it has yet to find its way into the hearts of our Senators. So for now bio diesel may not have its monetary benefits previous held, but remember it is good idea to use what we grow.
Have a great rest of the week and happy March Madness to all.
Thanks for reading,
Zach Winter
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