Hi to all,
Here’s what I have for this Thursday’s price changes:
*Heating and stove oil to increase by 1.5 cents a litre.
*Diesel fuel to increase by 1.3 cents a lire, and...
*Gasoline shows an increase of 1.2 cents a litre.
Geo-political risks have taken the front seat in the markets this week as Donald Trump’s sabre-rattling over the Iran nuclear deal continues to weigh in the markets. While groups such as the European Union say the deal is being adhered to by Iran, Trump wants a stronger deal than is present in the July, 2015 agreement signed in part by the Obama administration.
One wonders what Trump’s plan is, but instability seems to be a part of his agenda as the Joint Comprehensive Plan of Action is said to be adhered to according to groups like the International Atomic Energy Agency and even the U.S State Department!
Add to that the disruption of exports from Ceyhan, Turkey of oil from the Kirkuk region of Iraq as Kurdish fighters and the Iraqi army tussle over the region rich in oil fields. The fighting has led to an increase in the value of Brent crude and the removal of close to 600,000 barrels a day in exports from the Turkish port city.
What will be interesting to watch in the coming days and weeks will be the response from U.S domestic production as oil prices see some height above the $50 US per barrel mark.
That’s it for this week!