Hi to all,
Final numbers for
this week are actually not far off from last night's posting. Here's what I
have:
*Heating and stove
oils show a drop of 2.1 cents a litre....
*Diesel fuel shows a drop of 1.5 cents a litre, and...
*Gasoline shows an increase of 7/10ths of a cent a litre.
*Diesel fuel shows a drop of 1.5 cents a litre, and...
*Gasoline shows an increase of 7/10ths of a cent a litre.
Market
highlights
Gasoline to
drop next week?
An after hours American Petroleum Institute inventory report sent gasoline futures lower as the industry report showed a build in gasoline inventories that lends further support to weaker demand for gasoline than industry speculators thought. When the industry starts sending out signs of weak demand, you know there's a "problem" with demand.
Inventory reports out of the US Energy Information Administration in recent weeks has been showing the same sign of weak summer demand that has played well into lower prices (except here because of the added tax).
An after hours American Petroleum Institute inventory report sent gasoline futures lower as the industry report showed a build in gasoline inventories that lends further support to weaker demand for gasoline than industry speculators thought. When the industry starts sending out signs of weak demand, you know there's a "problem" with demand.
Inventory reports out of the US Energy Information Administration in recent weeks has been showing the same sign of weak summer demand that has played well into lower prices (except here because of the added tax).
Distillate
drops ahead of September buying contract
Distillate prices in the trading markets are down again this week, ahead of the September buying contract. Inventories of heating, stove oil and diesel fuels are all well above last years levels for this time of the year and show promise of potentially lower prices for those fuels to consumers if the trend keeps going.
Stocks are presently about twelve million barrels ahead of last year's mark. With refinery capacity close to 93 percent, I expect there to be more additions to inventories of distillate that will mitigate any increase to consumer prices...At least for the time-being!
Distillate prices in the trading markets are down again this week, ahead of the September buying contract. Inventories of heating, stove oil and diesel fuels are all well above last years levels for this time of the year and show promise of potentially lower prices for those fuels to consumers if the trend keeps going.
Stocks are presently about twelve million barrels ahead of last year's mark. With refinery capacity close to 93 percent, I expect there to be more additions to inventories of distillate that will mitigate any increase to consumer prices...At least for the time-being!
That's it for this
week!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
Twitter @GeorgeMurphyOil
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