Hi to all,
Here’s what I have for this
week’s price changes:
*Heating and stove oils show
an added 3.2 cents a litre.
*Diesel shows an increase of
2.7 cents a litre, and...
*Gasoline shows just a 1/10th
of a cent a litre increase.
Market highlights
As oil prices rise, affects
can be seen and are all the focus of the update this week...
With OPEC talking about
taking another extraordinary measure to freeze production, speculators are
betting that, this time, the move to impact on the abundance of oil in the
markets will work this time.
*OPEC will
meet in Algeria on September 28th to discuss the possibility of a
production freeze. Other non-OPEC producers like Russia, have shown an interest
in cutting back or freezing production in an effort to support oil prices and
increase revenues.
*Oil
prices have increased a rough 12 percentage points since the last price
setting, an increase of $5.65 over the last week as a result.
*The
Canadian dollar has increased in value against the US greenback, rising close
to three cents from $1.30.6 cents to today’s noon rate of $1.28.6 as oil prices
have increased.
*What is obvious by the numbers this week is a market focus on distillate fuels
that have shown a major increase this week, and numbers that are also pointing
towards a potential increase again for next week ahead o the fall season.
*With
attention now off the gasoline selling season in the US, gasoline numbers are
showing a barely visible increase at the pumps this week. You can see where
refiners have been losing in the game this past summer with gasoline spot
prices remaining relatively steady against the increase in oil prices this
week.
I’ll leave it at that for
this week!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
2 comments:
AGAIN I ASK YOU... why is it that when oil drops we do not see a satisfactory drop at the pumps. Though oil goes up and VOILA .... instant rise at the pumps. So you also mention when gas goes up a factor is the Canadian Dollar dropping. It's up but with no effect.
The poor people of this province are mesmerised by the BS reasons given week after week. When will it end? I'll answer that: It won't
I do this of my own volition and don't get renumeration for what I determine are the reasons why the markets do what they do, just in case you didn't know...
Oil was way up this week, and yet, no appreciable change in gas prices...as predicted here.
As for why hasn't dropped?
Remember that the present government has just tagged everyone with an added twenty cents in taxes at the pumps and that's why prices are so high...Halifax, to note, right now is right where we would be at the pumps if these taxes didn't hit.
I can't get any simpler in my interpretation of what happens from week to week, but all I can say is that "I try" to keep it simple.
If you can't understand it, then I'm sorry. You'll have to do your own research...
Regards and thanks for the note!
George
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