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Tuesday, November 25, 2014

Numbers for Thursday, November 27, 2014

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!


George Murphy
Twitter @GeorgeMurphyMHA

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