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.
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!