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Tuesday, June 06, 2017

Price changes for Thursday, June 8th, 2017

Hi to all,

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

*Heating and stove oils show a drop of 2.8 cents a litre.
*Diesel fuel shows a drop of 3.5 cents a litre, and...
*Gasoline shows a drop of 2.1 cents a litre.

Market highlights

Oil stays steady in spite of Qatar situation
While some may have expected oil prices to take a sharp rise over recent tensions between Qatar and other Middle East neighbours, it seems some analysts have stepped back from the fray and are calling "business as usual" in the region.
     Fellow OPEC member states like Saudi Arabia have cut some ties with their neighbour over concerns that Qatar has been funding some fundamentalist organizations, like the Muslim Brotherhood and Al Qaeda.
     Whether proven or not, speculators think that it's back to the usual when it comes to the oil business as others see it as a simple difference between Sunni and Shiite.

API reports gasoline inventories up
The American Petroleum Institute is reporting a huge increase in gasoline inventories this week.
     According to the industry-led organization, gasoline inventories unexpectedly increased by just over four million barrels, while distillate also showed an increase of close on 1.8 million barrels.
     Oil inventories were down by 4.6 million barrels.
     The US Energy Information Administration releases its inventory data tomorrow noon Newfoundland time.

That's it for this week!


George Murphy
Twitter @GeorgeMurphyOil

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