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Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth.

WM, previously known as Waste Management, ranks as the largest integrated provider of traditional solid waste services in the United States, operating 262 active landfill sites and about 339 transfer stations that help with transporting waste efficiently and economically. The company serves residential, commercial, industrial, and medical end markets for waste collection, transfer, and disposal. The company also has an energy business emanating from the beneficial use of landfill gas and is a leading recycler in North America.

Republic Services Group is the second-largest waste management company by revenue and provides integrated waste management services to residential, commercial, and industrial customers. With 208 active landfills, 248 transfer stations, and 75 recycling centers, Republic Services has reached $16 billion in annual revenue, focusing on recycling and environmental solutions. The company reports in three segments based on the Western United States (Group 1), Eastern United States (Group 2), and Environmental Solutions across North America (Group 3). Eighty-nine percent of total revenue comes from recycling and waste, with the remaining 11% from Environmental Solutions.

One market that gets very little attention is natural gas. That's because, for the most part, the spot price of gas oscillates between $1.50/$2.00 per MMBtu and $4.50/$5.00 MMBtu (with data back to 1990). There are periods when gas surges. Indeed, it reached $10+ in 2001, 2003, 2005, and 2008, but then not again until 2022. This week, natural gas futures spiked from $3.10 to a high of $5.65, or 82%, and then sold off sharply to $4.85. That is how gas typically peaks on an intermediate-term basis (although the commercial hedgers are bullish). This is definitely a market where one can buy oversold readings and sell when the pop comes (as it always does). There is some cyclicality here, as gas tends to make important bottoms about every 3.5 to 4 years, with the last low in early 2024. Meanwhile, crude oil (WTI) is trading at $59.40/barrel and broke its downtrend off the peak in late July 2025. In addition, crude has broken out of a bullish wedge. Based on the size of the wedge, WTI could run up to the high $60s, which is very close to the peak in July. Initial chart resistance lies around $62, which is also the location of the falling 200-day average. The 200-day capped the rally in mid-January. The daily moving-average convergence/divergence (MACD) has cycled into positive territory for the first time in six months, while the 14-day relative strength index (RSI) has been in an uptrend since December 16 and is close to breaking out of a neutral channel. The Commitment of Traders data is catching up and appears to be about one or two weeks behind. The data was updated as of early January and remains quite bullish. (Mark Arbeter, CMT)