Hi to all,
Here’s what I have for this week’s price
changes, along with a hint on what’s to come next week:
*Heating/stove oil to drop by 8/10ths of
a cent a litre.
*Diesel fuel to drop by 1.1 cents a
litre, and...
*Gasoline to drop by 7.2 cents a litre.
Hurricane Harvey’s effects on the market
are beginning to settle down and we’re getting a good read on the return of
refining capacity in the Gulf of Mexico.
As of this morning, only six percent of
capacity remains offline due to longer than anticipated re-start.
Tomorrow’s inventory data may show
exactly what happened to gasoline supplies as regards to both Harvey and Irma
as gasoline saw a “panic buy” spree ahead of the storms. While last week’s
draw-down of inventory saw short of four million barrels down, the fact that
refinery capacity country-wide in the U.S was only at 79.9 percent.
With capacity showing a huge drop,
gasoline should have been down substantially in inventory, but it wasn’t.
That’s probably part reason why the markets in New York saw an increase of just
13 cents a litre converted to Canadian values.
A picture is already being formed on what
we can expect next week. So far, spot
prices for gasoline are down a rough five cents a litre in the first day of the
seven day session, so I’m advising consumers to continue to conserve to ride
out the tail end of this extraordinary event on the markets.
I’m guessing that we will most likely be
back to where prices were before last week’s massive increase at the pumps...as
predicted.
Regards,
For more information, contact:
George Murphy
Twitter @GeorgeMurphyOil
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