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
That's it for this week! Feel free to pass this note around!