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Tuesday, April 28, 2015

Price changes for Thursday, April 30, 2015

Hello to all,

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

Heating and stove oils to increase by 11/100ths of a cent.
Diesel fuel to increase by 6/10ths of a cent, and...
Gasoline shows an added 2.5 cents a litre at the pumps.

Gasoline inventories continue to experience some slight drops as the run-up to the US summer driving season approaches. The traditional start of the season begins on the US Memorial Day holiday, our Victoria Day weekend. As of last week, gasoline inventories were recorded down another 2.1 million barrels.

Overall crude oil inventories out of the US last week showed another build of 5.3 million barrels.
Russia will meet OPEC members ahead of OPEC's regularly scheduled meeting in mid-June to discuss a possible cut to overall OPEC production. No doubt, the Russians would like to see a cut instituted as it would possibly raise Brent crude prices, which have been taking a pounding all this year. Present OPEC production numbers show their group producing just over 30 million barrels a day.

I'm watching rig counts as of late.
With all the news of the industry parking drill-rigs in recent months, it seems the decline in operational rigs is starting to slow. Last week saw a slight decline of 22 rigs in the US with one rig down in Canada. Any halt in decline of rigs is probably a sign that they may be starting to think about coming back online as crude prices have been seen to increase over the past ten days or so.

That's it for this week!


George Murphy
Twitter @GeorgeMurphyMHA 

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