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Monday, February 02, 2009

Refinery workers keep talks on
Representatives of the United Steelworkers Union that handle upwards of 30,000 refinery workers have kept the lines of communication open in a bid to prevent a strike against refinery owners today, that's according to several news sources. The workers previous contract expired yesterday.
Oil and it's related, refined commodities took a nose-dive over the days trading, relieving some of the upwards market pressures on the price of gasolines and heating/stove oils.
Numbers still show no interrupt scenario developing for heating,stove oils or diesels. Gasoline numbers are still showing an added 2.5 cents a litre up with todays news. Today was also the first day in a week that the spot price dropped below that of the last week price-setting.
Four cents is needed for interruption to occur and that has to average over seven days of data.
We'll have the final word on that in tomorrow nights posting but, i can say that gasoline is going to have to trade up substantially for there to be an interruption scenario to kick in now.
Regards,
George

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