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Tuesday, July 26, 2016

Price changes for Thursday, July 26, 2016

Hi to all,

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

*Heating and stove oils show a slight drop of 8/10ths of a cent a litre....
*Diesel fuel shows a slight drop as well of 6/10ths of a cent a litre, and...
*Gasoline is also down this week, but just by 3/10ths of a cent a litre.


Market highlights

Crude drops again
      Monday this week saw another drop in crude oil as market analysts have a renewed fear over crude oil over-supply continues to sway oil prices.
Latest API inventory data from the industry-led group shows a less than expected drawdown on crude oil inventories.
      No surprise here, but the real confirmation may come from the US Energy Information's Administration's inventory data when it is released tomorrow noon our time. Another reported build in inventory, or smaller than expected drawdown on inventories of crude, may very well extend the recent slide in crude oil prices.
     Weak demand for gasoline and indications of a huge surplus in gasoline and distillate supplies has also played in to the latest drop in crude oil prices.

Canadian dollar moves lower
      With lower oil comes a lower Canadian dollar, with the Canuck Buck dropping a full two cents against the US greenback over the past three days since oil's slide.
      The Canadian dollar was measured at $1.3209 against the US dollar at noon today.

Rig counts up again
      The US rig count was up again last Friday, and it is probably a huge indicator of just how robust the smaller producers have become in the face of lower prices. The rig count rose another 15 rigs last week, up again for the seventh week in a row.

That's it for this week!

George Murphy
Twitter @GeorgeMurphyOil

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