Here's what I have for this Thursday's price changes:
Heating and stove oils show a drop of 1.27 cents a litre.
Diesel shows down by 1.5 cents, and...
Gasoline shows a drop of just 6/10ths of a cent a litre.
Keep in mind that there's a lot of volatility out there and that the winter blend is in for heating and Diesel numbers. They may be off somewhat.
The Canadian dollar actually gained about a half penny against the US
dollar the last week. And with spot prices for all fuels measured
showing hardly any change, that was the difference.
However,
today, while the dollar gained slightly, we also saw the start of
another move downwards for oil. It could be the start of what some are
predicting as a move down to $60 US a barrel for West Texas
Intermediate.
In the meantime, OPEC meets on Thursday. My feeling
is that they have no choice but to put a symbolic cut to production in
place. If they drop production, they risk losing important customers for
their oil amid growing American US domestic production now pegged at
9.1 million barrels a day.
Watch the business news on Thursday for what OPEC does. I'm still sticking to a cut of 500,000 barrels a day by OPEC.
That's it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
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