On the Energy front.. "News you can Use"  just to keep NAT readers informed.

First off, this article tells that the Oil Majors (such as Exxon) make most of their $$$ from upstream production vs selling gasoline at the pump.

http://energy.aol.com/2013/01/24/everyone-knows-its-price-but-how-much-do-you-really-know-about/

Exxon made almost $12/bbl on upstream operations vs $0.76/bbl on refined products sold at the local gasoline station..  Chevron only made $0.01/bbl downstream (refined) vs $10.57 upstream.

"By the time refined products like gasoline make it to the local retail station level the profit margins are razor thin – measured in cents/gallon. So the majors largely got out of the furthest downstream segment of the business, opting instead to enter into sales contracts with private station owners."

hmmm..

Next, Brent Crude has pretty much replaced WTI as the lead dog in trading as far as a world benchmark for Crude.

http://blogs.cfr.org/levi/2013/01/24/trading-volumes-underscore-brents-ascendance-as-world-oil-benchmark/

Brent used to trade at a discount to WTI of about $2/bbl historically as the cost to ship Crude across the Atlantic was reflected in price differentials.. However, since the resurgence of US domestic production from now higher world prices.. along with trapped Crude at the WTI delivery point.. at Cushing Oklahoma.. (which reached a record stock level of near 50 million bbls in December  http://www.rbnenergy.com/the-seven-gates-of-hell-for-wti-crude-traders-seaway-phase2 ) 

The Brent vs WTI spread has inverted to as much as $28 /bbl in October 2011..



http://blogs.cfr.org/levi/2013/01/24/trading-volumes-underscore-brents-ascendance-as-world-oil-benchmark/

However, Crude Oil isn't the only commodity fluctuating on the world stage.  Natural Gas has seen wide diveregence on several fronts since 2008 when these three locations.. Henry Hub (US), Europe Nat Gas Import and Japan LNG import.. traded at essentially the same price..

Not so today..



http://www.realclearenergy.org/charticles/2013/01/21/world_gas_price_differential_106855.html

All of these dynamics will affect future prices for energies here in the Midwest of the USA as things shake out going forward.

Will US Liquified Nat Gas exports be allowed? 
Will US Nat Gas prices rise? 
What about US Nitrogen Fertilizer prices?
What about expected added capacity to US Nitrogen fertilizer production?

Flip side The US is still the "Go To" market from the eyes of Canadian Tar Sand Crude producers as Western Canadian Select (WCS) is trading at a pretty significant discount to even US WTI.. of around $20 / bbls

http://blogs.platts.com/2013/01/24/canada-oil/

as existing takeaway pipelines near capacity and additional production from both Canada and the Bakken seek rail tankers as the only more expensive transportation option that is left.

Will the Keystone pipeline ever get built?

http://www.marketwatch.com/story/keystone-pipeline-who-wins-when-the-oil-flows-2013-01-25

So.. interesting indeed.