Hi to all,
Here’s what I have for this Thursday’s price changes:
*Heating and stove oil to increase by 1/10th of a cent a litre.
*Diesel fuel shows no change, and...
*Gasoline shows a drop of 3.3 cents a litre.
No damage from Gordon
With last week’s speculation over Hurricane Gordon came the possibility of supply disruptions and refinery shutdowns.
But in the aftermath of Gordon coming ashore near the Louisiana-Mississippi border, no damage was realised from the storm and spot prices for gasoline started to retreat. That’s one reason for the price drop in gasoline this week.
No worries here about Florence as this storm is predicted to hit the mid-Atlantic coastline somewhere in the area of South Carolina. There are no major oil processing facilities centered in the area in question, just mainly pipeline infrastructure.
What might cause some rise in gasoline in the coming days is hoarding of the product as any storm brings the possibility of a shortage of any supplies, including from mass purchases of gasoline.
Check this link for oil infrastructure in the U.S along with the predicted path of Florence: https://www.eia.gov/special/disruptions/
OPEC supplies come into question again.
A remarkable scene unfolding in Venezuela as a mass exodus has started from the OPEC member and South American country.
Last reports from Venezuela show a huge drop in exports from the country, with amounts dropping to as low as 1.3 million barrels a day from last month’s 2.3 million barrels.
Speculators are also worried about a continued wave of violence in Libya where extremists attacked the headquarters of the Libyan national oil company yesterday causing a brief interruption to exports.
Sanctions against Iran are also starting to take effect ahead of November as more nations back out of oil purchase agreements with Iran.
Iranian exports continue to drop off according to the Wall Street Journal with exports dropping an additional 660,000 barrels in August. Iran exported 1.6 million barrels a day for the month.
That’s it for this week!