According to the U.S. Energy Information Administration (EIA) weekly natural gas storage report, working natural gas in storage was 3,644 billion cubic feet (Bcf) as of 11 November. That inventory was 4 Bcf higher than last year at this time and 7 Bcf below the five-year average of 3,651 Bcf. Despite falling slightly below the average, this represents a significant rebuilding of stocks back to near the five-year average, and the closest to the historical average since January. As far as natural gas prices for inputs, that is generally positive news.
The normal refilling season for stocks runs from 1 April (noted in the chart above) to 31 October (give or take a week or two as refilling continues into the heating season). Inventories were...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
