Tuesday, February 27, 2007
Saturday, February 24, 2007
This picture, from the Canadian Press, shows a refinery fire at Imperial's Sarnia plant in December, 2006.
Might have been surprised if I didn't see some sort of a market ploy to get prices moving upwards again but, there we go. We're going to see the screws put to us again compliments of the traders on Wall Street.
Newfoundland and Labrador's turn is coming this Thursday as we'll be watching the pricies roll over at the pumps. While a little early to predict, so far, the numbers are showing an allowable 4.5 cents up at the pumps for gasoline.
Nova Scotia and New Brunswick got hit the other day and other regions are experiencing upwards moves by Big Oil.
A refinery fire in Sarnia(above), the CN rail strike has contributed to shortages, another two refinery fires south of the border, Iran and it's pursuit of a nuclear program, ongoing inventory concerns, colder weather....
Shall I go on?
I'll have more for everyone on Tuesday Night/Wednesday morning so, be looking for the media announcement and the email release with the official numbers. There will be an increase but, it could range a little higher than this number with a couple of more trading days left.
I don't expect any miracles, though it's nice to see some divine intervention now and then.
Thursday, February 15, 2007
I was disturbed that a branch of Al Qaeda has seen fit to recognize the importance of Canadian oil to the economics of the United States and how important our oil industry is to the U.S.
The story first broke yesterday on CTV News.
A couple of years ago I asked the same questions about security around the North Atlantic Refinery in Placentia Bay, the facilities in downtown Halifax owned by Imperial, and in New Brunswick owned by the Irvings.
I don’t think anyone took me serious then.
Then along comes this posting by the terrorist cell.
If anyone thinks there is little concern, let me refresh their memory on who this group is and what their capabilities are.
Twice now, to my memory they have attacked the Ras Tanura oil facility deep in Saudi Arabia.
The first time was with a small group of terrorists that tried to get into the facility and attack both foreign oil workers and the refinery system there.
The second time was with a larger group of people who also failed in their attempt to disable the facility. Both times, small weaponry was used but still with the loss of life.
The third time they try they may very well succeed. Any successful attempt at bringing down the facilities at Ras Tanura would possibly remove nearly 6.6 million barrels of crude oil a day from world markets.
While knocking out the North Atlantic Refinery would be miniscule in the world scale of refineries, its removal from the markets would have enormous economic impact-not just because of the fact it is a refinery, but for the fact that an economic target was successfully nailed by a terrorist group within North America again.
I won’t even get into what the ramifications are for the economy, let alone fuel pricing.
If these companies are going to take this threat lightly, they’re headed for a world of trouble.
There is nothing so dangerous as a determined enemy.
Tuesday, February 06, 2007
Since January 18, 2007, we saw crude oil reach a low of $50.47 US a barrel. You just knew it wasn't going to last long.
You'd be right if you guessed upwards movement is coming to consumers in the coming days...
Numbers so far, are showing an allowable upwards movement on stove oils of something in the order of 4.4 cents a litre. That may be pointing the way up for distillates like heating oils and diesels.
Gasoline pricing is also into interrupt territory and consumers will likely see a movement up by something in the order of 4.6 cents on a litre.
Nova Scotia and New Brunswick users beware and fill before Friday as, I also have upwards movement on gasoline on the consumer level. Because you have a different adjustment time, you won't see as much in the Maritimes but, you will still get hit. So far, I have a 3.4 cent a litre movement to come to you.
Colder weather and OPEC cuts are taking the blame this time around but, you have to ask yourself if the market traders should be under closer scrutiny for this one. Being this close to the end of winter, is it that likely that we are going to go through what's in total inventory?
Perhaps a U.S investigation of trader practises in the U.S is in order?
Oh well...Here we go again!