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Tuesday, March 08, 2016

Price changes for Thursday, March 10, 2016

Hi to all,

Remember the winter blend of fuels that may throw off the heating and Diesel fuel numbers somewhat.

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

*Heating and stove oils both show an added 2.7 cents a litre up.
*Diesel fuel shows another 3.1 cents a litre up, and...
*Gasoline shows an added 4/10ths of a cent a litre up.

Highlights

*The drive for $50 US is on as OPEC and other non-OPEC oil producing nations are set to meet sometime around March 20th to discuss further moves to limit production.
OPEC member Saudi Arabia and Russia are both looking for other nations to join them in limiting production levels to "take care" of a world oil surplus that has been driving down prices to historic lows. I'll be keeping an eye to this one!

*The move has started by speculators on gasoline prices for the summer. As April trading markets opened, speculators moved in an attempt to ramp up prices ahead of the summer driving season. Traditionally, that move starts around the April buying contract, but right on cue, prices started out almost thirty cents higher than the close of the March buying contract the month previous.
We'll be watching this one as any inventory building or drop in consumption ahead of May month may help to keep prices low. Right now, because of speculators are pouring money into the gas trading market, it is driving up spot prices to the point that we may see further price increases at the pumps next week.

    I'll also give you the "heads up" when I see these numbers up, so stay tuned!

That's it for now!

Any questions, drop me a note!

George Murphy
Twitter @GeorgeMurphyOil

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