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Off to the Races
We’re off to the races again with energies screaming higher—much to the dismay of equities (hint: don’t even look).
At the time of this writing, April heating oil is up 55 cents, trading near $4.18 - up more than 15% from Friday’s close.
Did you know there have only been three times in history heating oil has traded above $4.00?
The 2008 commodity supercycle
The months following Russia’s invasion of Ukraine
Today
Diesel futures were hardly alone in the latest rally. Crude oil is up 18%, trading above $107 for the first time since June 2022 as the Middle East conflict intensifies.
As discussed in The Weekender, crude oil tends to set the floor and direction for corn.
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