Hi to all,
Here’s what I have for Thursday’s price changes:
· Heating and stove oils to increase by 1.17 cents a litre.
· Diesel to increase by 1.4 cents a litre, and…
· Gasoline to increase by 2.5 cents a litre.
· Keep in mind that my heating and diesel numbers may be off slightly with the advent of the winter heating blend which includes 75% jet fuel in the mix. I hope to have the jet numbers worked into the mix by next week.
· The clock is ticking towards the US debt ceiling. Some international credit agencies are now warning of a possible downgrade in US credit ratings as a result of the debt ceiling dispute. The debt ceiling dispute promises to disrupt the US economy if it fails to raise the ceiling debt-load.
· Bloomberg has put a story up that says to expect Brent crude prices to drop below $100 if sanctions against Iran are lifted. Currently, there are ongoing discussions over exposure of Iran’s nuclear program, which is how initial sanctions ended up being placed against the Middle Eastern country. If sanctions are lifted, it could add almost 3.5 million barrels a day into the world system.
· The United States Energy Information Administration has also been a victim of the stand-down between the Democrats and Republicans over Obamacare. While the Republicans are looking for concessions in the filibuster, Obama is not bending to their demands, which has cut off government salaries in the process. As a result, there is no inventory data being released, leaving lots of volatility in the oil and gas markets, not to mention some wiggle room for speculators to maneuver.
That’s it for this week!