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Tuesday, March 28, 2017

Price changes for Thursday, March 30, 2017

Hi to all,

Here's what I have for this week's price changes:

*Heating/stove oil shows a drop of 1.2 cents a litre.
*Diesel shows a drop of 1/10th of a cent a litre, and...
*Gasoline shows an increase of 6/10ths of a cent a litre.

Libyan crude production drops
     Crude oil increased the last two days of the pricing session as Libyan crude production dropped almost 250,000 barrels a day because of disagreements between factions over control of two key oilfields.
     The Sharara and Wafa fields were part of the total source of oil that helped Libya pump out close to 750,000 barrels a day. The removal of the two fields drops total output down to a half million barrels a day, almost one million barrels less than the 1.5 million a day before the revolution started.

API data weighs
     Latest data from the American Petroleum Institute's inventory shows another modest build of 1.9 million barrels, while gasoline shows a "less than expected" draw of just 1.1 million barrels.
     While the EIA data is the chief number I watch, the data on gasoline is showing me that demand remains weak for gasoline.
     Chief number to watch tomorrow will be the refiner capacity number, which should give a better read on any growth in demand, as well as any detected growth in overall US domestic output.

Still watching the numbers!


Twitter @GeorgeMurphyOil

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