Commodities left out in the cold wisfarmer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wisfarmer.com Daily Mail and Mail on Sunday newspapers.
Freezing Commodities
Virtually every sector of agriculture, energy, and many financial markets were impacted or even demolished by an arctic blast that ran through the southwest. Temperatures throughout the region were as much as 35 degrees below average for several days.
Fuels: The cold snap in Houston, our “capital of energy,” wreaked havoc on natural gas and crude production. Freezing pipelines and ground transit came screeching to a halt and hampered transportation of those fuels. Demand for refined products, such as gasoline, propane, diesel, and heating oil surged just as availability declined. Prices were chased higher as emergency needs spurred panic buying. Heating oil for March delivery traded at $1.83 per gallon on midday Friday, up about 3 ¢ cents from last week.
Fuels: The cold snap in Houston, our “capital of energy,” wreaked havoc on natural gas and crude production. Freezing pipelines and ground transit came screeching to a halt and hampered transportation of those fuels. Demand for refined products, such as gasoline, propane, diesel and heating oil surged just as availability declined. Prices were chased higher as emergency needs spurred panic buying. Heating oil for March delivery traded at $1.83 per gallon on midday Friday, up about 3 ½ cents from last week.
Livestock: While millions of people suffered from the cold and lack of utilities, farmers and ranchers faced those personal problems along with the added challenge of getting food, water, and warmth to their vulnerable