Hi to all,
Short and sweet this week as I'm heading straight to the fire-pit!
Consider it my summer vacation three hours at a time...lol
But, before I do, I'll leave you with the week's price changes and a few tidbits from the markets. Here's what I have:
*Heating, stove oil and Diesel all show a drop of 1.1 cents a litre.
*Gasoline shows no changes this week.
So, here's one market highlight I will leave you as the kids are calling...I'll comment on it next week, but it may be apparent what might be about to transpire. I'm thinking all OPEC members will start in too...
Surprise, surprise, but OPEC's leading producer and leader when it came to leading other members into the November 2016 production cut scheme to bolster oil prices, has been nailed with the news that it broke ranks with its fellow members by over-producing on it's own imposed production quota!
Note the party balloons and cake...
There was no surprise here as Saudi Arabia, the leader of the pack in the cuts department, simply couldn't resist the fact that on occasion, things like this will happen. The Saudi's produced 10.07 million barrels a day last month, about 200 thousand more than its quota.
Now, with Libya and Nigerian production also on the rebound, ask yourself how long it will be before the other members of OPEC also break ranks...
Have a good week!
Regards,
George
Twitter @GeorgeMurphyOil
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