Hi to all,
Here's what I have for this week's price changes:
*Heating and stove oil show a drop of 2.4 cents a litre....
*Diesel shows a drop of 2.8 cents a litre, and...
*Gasoline shows a drop of 2.9 cents a litre from the regulated maximum.
Here's what I have for this week's price changes:
*Heating and stove oil show a drop of 2.4 cents a litre....
*Diesel shows a drop of 2.8 cents a litre, and...
*Gasoline shows a drop of 2.9 cents a litre from the regulated maximum.
Market highlights
API reports crude and gasoline inventories as "up"
The American Petroleum Institute, an industry organization, has released its inventory report for the last week, and it's not good if you're a speculator.
While crude only showed a growth of 900,000 barrels, gasoline showed a surprising build of 4.4 million barrels over the last week.
If tomorrow's EIA inventory report also shows a build in inventories, it will be a troubling sign that demand may have weakened ahead of the start of the summer driving season
.
Doubts about OPEC cut extension
Speculators must be getting nervous...
While US domestic output continues to show robust growth, OPEC is now asking itself whether the group's output cuts are having the desired effect with oil prices. Doubts that OPEC will maintain their self-imposed output cuts past May month may be signaling the prospect that OPEC may again open the spigots in an attempt to turn down US growth.
US domestic oil output has increased by close on 850,000 barrels since the last OPEC meeting on cuts at the end of November, well ahead of the pace that the EIA predicted for 2018.
Stay tuned. This week could be interesting!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
API reports crude and gasoline inventories as "up"
The American Petroleum Institute, an industry organization, has released its inventory report for the last week, and it's not good if you're a speculator.
While crude only showed a growth of 900,000 barrels, gasoline showed a surprising build of 4.4 million barrels over the last week.
If tomorrow's EIA inventory report also shows a build in inventories, it will be a troubling sign that demand may have weakened ahead of the start of the summer driving season
.
Doubts about OPEC cut extension
Speculators must be getting nervous...
While US domestic output continues to show robust growth, OPEC is now asking itself whether the group's output cuts are having the desired effect with oil prices. Doubts that OPEC will maintain their self-imposed output cuts past May month may be signaling the prospect that OPEC may again open the spigots in an attempt to turn down US growth.
US domestic oil output has increased by close on 850,000 barrels since the last OPEC meeting on cuts at the end of November, well ahead of the pace that the EIA predicted for 2018.
Stay tuned. This week could be interesting!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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