🛢️ Today’s Market News – Fuel, Jobs & Global Updates for NW Iowa
🇷🇺 Russia & Ukraine Talks Still Going Nowhere
Peace negotiations between Russia and Ukraine continue, but there’s still a wide gap between the two sides.
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Russia wants: Ukraine to give up land, stay neutral (no NATO), and get sanctions lifted.
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Ukraine wants: A 30-day ceasefire, the return of deported children, and the freedom to join NATO.
Russia’s offer depends on Ukraine pulling back its military, but Ukraine insists on U.S.-backed ceasefire terms and international guarantees.
🔄 For now, talks are stuck and no progress is expected soon.
💼 U.S. Jobs Market: Mixed Signals
New data shows the U.S. added 191,000 job openings in April, but also saw a big jump in layoffs—up 196,000, the biggest increase in nine months.
What’s happening?
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Hiring rose slightly, especially in construction and service industries.
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More people are staying in their jobs, meaning fewer people feel confident about finding something better.
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The job market is starting to feel the pressure of trade tensions and tariff uncertainty.
Economists say if these trends continue, the labor market could slow down more over the summer.
🔥 Canadian Wildfires Impact Oil Supply—and Air Quality
Wildfires are raging across Alberta, Saskatchewan, and Manitoba, forcing oil companies to shut down around 350,000 barrels of oil per day.
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Cenovus halted operations at its Christina Lake site, cutting 238,000 barrels per day.
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Thick smoke is blowing south into the U.S. Midwest, affecting air quality in farm-heavy regions.
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Ely, MN hit a hazardous level of 336 on the AQI scale.
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Minneapolis reached 168—third worst air quality in the world Tuesday.
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The smoke is expected to drift east, hitting cities like New York and Philadelphia soon.
📊 Market Overview: Oil Prices Hold Steady
Oil prices were steady Wednesday morning, with multiple factors balancing each other out:
🟢 Support for prices:
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Canadian wildfires are keeping 344,000 barrels per day off the market.
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Tensions in Iran and Russia are increasing concerns about oil exports.
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OPEC+ is sticking with its 411,000 barrel/day increase in July—no surprise moves.
🔴 Pressure on prices:
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The OECD cut its global economic growth forecast.
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President Trump hinted at new tariffs on China.
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Traders are waiting for a U.S. inventory report, which could show rising product supplies but falling crude stocks.
💹 Refining Margins at 14-Month High
Even though crude oil prices are down, refiners are making strong profits—the best margins in over a year.
Why?
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Fuel supplies are tight globally.
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Summer demand is peaking (gasoline, diesel, jet fuel).
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Refinery closures in the U.S. and Europe, and unexpected shutdowns in Nigeria, Mexico, and Spain, have cut available supply.
From January through May, inventories in key markets like the U.S., Europe, and Singapore dropped 50 million barrels.
📈 U.S. refiners say:
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Gasoline demand is steady
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Diesel and jet fuel use is up year-over-year
But heads up: analysts warn that this strength might not last. As production ramps up and trade tensions linger, profit margins could tighten in the second half of 2025.
📞 Have questions about fuel prices or planning for your farm? Call your account manager today—we’re here to help you stay ahead.
