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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!


George Murphy
Twitter @GeorgeMurphyMHA

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