Hi to all,
Short and sweet,
here's what I have for this week's price changes:
*Heating &
stove oils show a drop of 4/10ths of a cent a litre.
*Diesel fuel shows
a drop of 7/10ths of a cent a litre, and...
*Gasoline shows no
change in price this week.
Market highlights
API report shows
another inventory gain
While not my source of inventory news that influences my way of thinking, new
numbers from the American Petroleum Institute shows another increase in crude
oil supply, this time by 4.5 million barrels a day
Gasoline showed a drop in inventories of 4.9 million barrels, while distillate
supplies dropped just over 800 thousand barrels.
Canadian dollar
steady
Up
to three days ago, the dollar remained steady against the US greenback, but
gained almost a penny against its US cousin in the latter half of the week.
Oil,
in the meantime, lost a dollar US this past pricing session.
Brent
was priced at $40.67 a barrel March 21st last year.
Upcoming provincial
budget
With oil prices close to $51 US a barrel Brent right now, it is obvious that
the government will show some added revenue from oil royalties.
It
may be wishful thinking, but it may be time for the government to roll back the
heavy increase that was levied onto gas taxes, if only just in part. While
government may have thought it "prudent" to increase taxes, it became
heavy-handed to levy an added 16.5 cents in added gasoline tax.
Additional
taxes resulted in an increased take as well from HST with the result being a
twenty cent a litre hit at the pumps.
We all could use the break!
That's it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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