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Tuesday, November 18, 2014

Numbers for Thursday, November 20, 2014

Hi to all,

Here's what I have for this Thursday's price changes:

Heating and stove oils projected to drop by 2.96 cents a litre.
Diesel shows a drop of 1.9 cents a litre on the way, and...
Gasoline shows a drop of 2.4 cents a litre.


For the previous two weeks, I have been out a little, especially last week with my numbers down while an increase came into effect. I'll blame it on volatility out there. While it was down two weeks ago, it was down much further than expected, and I'm thinking the difference added up to an increase for last week instead
.
But it looks like things will be back on track for this week again.

US domestic production of crude oil continues to set records, with the numbers amounting to nearly 9.1 million barrels a day being pumped out of the ground in the US. That's offsetting any possible cut that OPEC may be thinking. We'll find out later on the 27th if OPEC will institute any cuts, but with US domestic rising, it's not likely they will at the risk of losing market share.

At least that's the talk out of the Middle East.

I'm thinking that OPEC will make a move, but not a substantial one. I think right now they'd all be happy just to stop the fall of oil and offset any US domestic production that may come on line to add to the world glut.

George is guessing OPEC will cut by 500,000 barrels a day to try to stop the slide.

Any takers?...

We'll see what happens!

That's it for this week!

Regards,

George
Twitter @GeorgeMurphyMHA

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