Hello to everyone,
Here's what I have for this Thursday's price changes:
Heating and stove oils expected to rise by 1.25 cents a litre.
Diesel expected to rise by 9/10ths of a cent, and...
Gasoline shows an added 3.4 cents a litre.
*Note that I believe it is this Thursday where the winter blend for
heating and Diesel fuels comes into effect, so the numbers for those
fuels may be slightly off as a result of the new blend. Use those
numbers as a rough indicator only.
The markets were a little
choppy this last period with everything from sell-offs of oil interests
to refinery shut-downs in the US northeast and eastern Canada. That's
why we're looking at a sharp jump in gasoline prices this week, along
with some of the distillate fuels. That, and the other downside factor
of the strength in the US dollar. Because there's such insecurity over
world markets still, and slow worldwide economic recovery (if any)
outside the US, their dollar has been gaining an awful lot of strength
against the Canuck Buck. We've lost 1.2 cents against the US dollar just
this last week!
On the positive end, I don't expect those prices
to stick for next week. Already, the markets are starting to take
notice of an impending glut in the worldwide markets and that has sent
all crude oil prices to the downside that consumers should start to
notice shortly.
The sharp increase to Libyan production this last
week, all in spite of some unrest there has sent Brent prices down.
Speculators, especially those selling hedge funds into those markets,
have been pulling out from their long positions now that the writing is
on the wall as regards to an abundance of crude out there. US domestic
production has hit another record with the EIA estimating overall US
numbers hitting close on 8.9 million barrels a day.
I'll leave it at that, but right now, speculators are now betting on lower oil!
Feel free to share this!
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
Tuesday, September 30, 2014
Tuesday, September 23, 2014
Price changes for Thursday, September 25, 2014
Hello everyone,
Here's what I have for this Thursday's price changes:
Heating and stove oils show a drop of 1.18 cents a litre.
Diesel fuel is expected to drop by 1.6 cents a litre,and...
Gasoline showing a small increase of 8/10ths of a cent a litre.
The amazing strength of the US dollar has probably come about as the result of the weakness of the overall world economy. With consumer demand remaining "lackluster", it would be good reason for investors to start placing their faith in the strongest of currencies.
Until such a time as any signs of world economic activity picking up, expect commodities like oil and gold to continue to show weakness.
How long can that be expected remains a question in itself though, and perhaps a topic I'll pick up on another time!
That's it for this week!
Regards,
George
Twitter @GeorgeMurphyMHA
Here's what I have for this Thursday's price changes:
Heating and stove oils show a drop of 1.18 cents a litre.
Diesel fuel is expected to drop by 1.6 cents a litre,and...
Gasoline showing a small increase of 8/10ths of a cent a litre.
The amazing strength of the US dollar has probably come about as the result of the weakness of the overall world economy. With consumer demand remaining "lackluster", it would be good reason for investors to start placing their faith in the strongest of currencies.
Until such a time as any signs of world economic activity picking up, expect commodities like oil and gold to continue to show weakness.
How long can that be expected remains a question in itself though, and perhaps a topic I'll pick up on another time!
That's it for this week!
Regards,
George
Twitter @GeorgeMurphyMHA
Tuesday, September 16, 2014
Price changes for Thursday, September 18, 2014
Hello everyone;
Here's what I have for this Thursday's price changes:
Heating and stove oils expected to drop by 1.48 cents a litre.
Diesel to drop by 1.5 cents a litre, and...
Gasoline to drop by 2.2 cents a litre.
Crude oil rose for the first time in two weeks as OPEC's secretary Abdulla El-Badri speculated that producers within the organization may institute production cuts at its next meeting in Vienna in November. The Saudi Arabian oil minister, Ali Al-Naimi however said just last week that there was no need for any production cut as he expects oil demand to pick up later this fall as demand for heating oil picks up to meet expected colder weather.
Other than that this week, a cut to world oil demand was expected in the next year by the International Energy Agency. No doubt, consumers are still upset with elevated prices and demand for fuels such as gasoline and distillates remains flat. Huge numbers in increases in US domestic production will continue to influence oil prices ahead of what OPEC may do. In spite of OPEC's talk about a possible production cut, I don't expect to see an increase anytime soon to all fuels as a result of the availability of oil product.
That's it for this week! Feel free to pass this note around!
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
Here's what I have for this Thursday's price changes:
Heating and stove oils expected to drop by 1.48 cents a litre.
Diesel to drop by 1.5 cents a litre, and...
Gasoline to drop by 2.2 cents a litre.
Crude oil rose for the first time in two weeks as OPEC's secretary Abdulla El-Badri speculated that producers within the organization may institute production cuts at its next meeting in Vienna in November. The Saudi Arabian oil minister, Ali Al-Naimi however said just last week that there was no need for any production cut as he expects oil demand to pick up later this fall as demand for heating oil picks up to meet expected colder weather.
Other than that this week, a cut to world oil demand was expected in the next year by the International Energy Agency. No doubt, consumers are still upset with elevated prices and demand for fuels such as gasoline and distillates remains flat. Huge numbers in increases in US domestic production will continue to influence oil prices ahead of what OPEC may do. In spite of OPEC's talk about a possible production cut, I don't expect to see an increase anytime soon to all fuels as a result of the availability of oil product.
That's it for this week! Feel free to pass this note around!
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
Tuesday, September 09, 2014
Numbers for Thursday, September 11, 2014
Hi to all,
Here’s what I have for this Thursday’s price changes…
Nothing major this week, next to the fact that Brent crude
is slipping further due to lower China manufacturing numbers and a
not-so-steady ceasefire in the Ukraine. Lower than expected growth numbers in
GDP amongst European Union countries also has the European markets worried over
another dip into another Eurozone crisis.
Heating and stove oils can expect a 7/10ths of a cent a
litre drop.
Diesel fuel shows a drop of just a half penny, and…
Gasoline shows an added 3/10ths of a cent a litre.
Margin for error +/-3/10ths of a cent.
The Canadian dollar also finished slightly lower against the
US greenback, finishing this pricing session at $1.1012 against its southern
neighbor. Inventories there last week reported a drop of 900K barrels of crude
oil and 2.3 million barrels of gasoline due to a turnaround of refinery runs to
distillate fuels.
Distillate fuels that include heating, stove oils and diesel
showed an increase of just 600K barrels.
In case you’re all still following the Muskrat issue, here’s
an interesting one from the EIA that speaks about over 4300 megawatts
of added electricity capacity to the grid recently. That’s in the first half of
2014…
That’s it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
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