INPUTS

Heating oil and propane are both in high demand, leading to higher farm diesel and LP prices at retailers.

Phosphate and potash are due for a seasonal setback, but higher feedstock prices may stifle downside potential.

The nitrogen rally that has been in place since mid-harvest may be running out of steam.

WTI crude oil is currently overbought suggesting pending technical selling. But demand for home heat will have to ease if heating oil futures are to pull near-term farm diesel prices lower.

Fertilizer prices were generally higher, but nitrogen is showing signs of a seasonal top.

WTI crude prices pulled back from a critical technical level after coming within a couple of ticks of the high hit in May of 2015. Back then oil topped before a collapse in price as three bearish factors caused oil to fall.

The mantra that it can’t get cold enough to turn this market around will be put to the test.

Heating oil futures have firmed above key $2.00, but technical features may yet pressure futures and give us an opportunity to book for spring.

Fertilizers were mixed on the week, but higher overall led by strength in anhydrous ammonia.

The big question for energy traders this week, is whether or not WTI crude can post a 60 print. We thought, of course, that we should have seen a 60 print already but most of the bullish momentum has gone to the Brent crude.