Hi to all,
Here's what I have for price changes this week:
Heating and stove oils to drop by 2.2 cents a litre.
Diesel to drop by 2.9 cents a litre, and...
Gasoline to drop by 3.9 cents a litre.
In the markets
OPEC market tidbits
In what must be true irony, Venezuela is now proposing that OPEC adopt a new policy of having a minimum price for oil! With oil prices crashing and causing a stark reality of lower oil revenues to the OPEC member state, the country is having to face just how low oil goes as speculators also bet on how low prices can drop. In conversation the other day, I reflected on remembrances of OPEC being happy with maximum prices between $22 and $28 US as early as 1997 when I started studying oil. I wonder if they're really getting back to the new reality of oil now?
Iraq is asking oil companies operating there to reign in any capital spending for the next fiscal year, citing lower expected revenues from oil.
Out of China
China's future demand for oil is expected to drop further in the face of a weakening economy, with demand expected to drop from an added 400K barrels a day to only 260 K barrels a day better than what they use now. Slower growth comes a slower need with an economy in trouble. Latest word also has China adding just 400,000 barrels a day to their strategic reserves where they previously purchased 750K per day.
I'll leave it at that for now. If you need anything else, drop me a line.
Regards for now,
One of these days, I'm going to sit on a stage and give some of these oil companies some sage advice! Either that, or let them pick my brain...lol