Hi to all,
With operation "Decisive Storm" underway in Yemen,
crude oil prices immediately increased early in the regulatory session
with Brent prices mostly affected. But with a less likely threat to
shipments of oil leaving the area, it was seen to retreat again by
Monday. Only question now for the Saudi's and the ten nations forming their forces in the area is: How long can they go before they affect their own bottom line? Wars cost money...
Refined product prices also showed a retreat from their
weekly high. Numbers started high as a result of the Saudi Arabian
incursion, but are again in retreat.
Here's what I have for this week:
Heating and stove oils show an added 1.75 cents a litre.
Diesel shows a drop of just 6/10ths of a cent, and...
Gasoline shows an added 7/10ths of a cent.
*Don't forget winter blending may throw off the Heating and Diesel fuel numbers somewhat!
Crude oil shows an increase in overall "floating storage" again this
week with crude oil stored in tankers ready for sailing. It amounts to
an extra 139 million barrels that has nowhere to go. That's up from 134
million barrels in the previous week.
Look for an immediate
downwards track for oil if Iran nuclear talks result in Iranian crude
entering the markets. Analysts say that an added 1 million barrels a day
could enter the world markets if sanctions are lifted. We'll find out
later if indeed talks were successful.
That's it from me this week for your update on fuel prices!
Feel free to drop a note if you have any questions.
Regards and make it a good week!