Good evening to
all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oils show a drop of 1.1 cents a litre.
*Diesel shows a
drop of 9/10ths of a cent a litre, and...
*Gasoline shows a
drop of 2.4 cents a litre.
Market highlights
US/Canadian oil
continues to rebound
As I predicted would happen some months back, the US oil industry continues to
rebound to fill the gap left wide open by OPEC and non-OPEC production cuts.
Again this week, US rigs have continued their return to the field with the
addition of another 15 rigs back into production and exploration.
Sources
in Alberta also continue to show a good rebound starting within the oil
industry there, especially moreso with the stability that oil has shown in
recent weeks.
Inventories
continue up for oil and gasoline
Last week’s inventory report from the Energy Information Administration
continues to show good builds in gasoline inventories, one of the chief reasons
why gasoline prices will see their fourth drop in a row since their peak during
Christmas/New Year’s travel demand.
With refiner capacity again showing retreat, Gasoline inventories climbed by
another 6.8 million barrels. That figure is pretty important when you consider
the fact that refiners were throttling back on production.
That’s it for this
week.
Regards to all.
George Murphy
Twitter
@GeorgeMurphyOil
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