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Tidbits, Gas, OPEC, New Crop Marketing, Markets & Rain Days Update 6/5/23

Q&A: Gas Prices

"Roger, do you have a recommendation for fall/winter l.p. prices? The quotes I received yesterday are the lowest ones so far this year and about 70 cents lower than last year. Thanks, Ross" (2 June 2023)

Ross, after recommending clients not lock-in diesel, natural gas or propane costs for nearly a year, we made the recommendation to lock-in natural gas on 22 February 2023. The natural gas futures price rallied 8 consecutive days and has been in a modest downtrend ever since.

Natural gas in Europe increased more than ten-fold last fall and early winter, shutting down businesses across Europe. The best cure for high prices is high prices and, once again, natural gas showed us the truth in that statement as natural gas is now lower than any time in nearly three years and just 20% the cost here in the States of what it was last August.

One analyst said last week he thought spot natural gas wholesale values could go negative as the crude oil did three years ago. I recommend you wait at least another 45 to 60 days, but get your l.p. gas locked-in by early August at the latest. If we change our mind, we will let you know. We want to watch what happens to l.p. and natural gas prices this week given what OPEC+ announced yesterday.


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