Hi to all,
No trick...and definitely no treat, here are the expected price changes for this Thursday, November 2, 2017:
*Heating and stove oil to increase by 3.4 cents a litre.
*Diesel shows an added 3.8 cents a litre, and...
*Gasoline shows an added 4.6 cents a litre at the pumps.
OPEC cuts telling?
OPEC and non-OPEC members have agreed to extend output cuts made in November 2016 well past the March 2018 end of the initial agreement.
OPEC member Saudi Arabia first introduced cuts but were then joined by non-OPEC members Russia and Azerbaijan to total 1.8 million barrels a day in cuts which have been seen to reduce the world oversupply of crude oil. Prices have been rising in recent weeks on the news to hit $61 US as of today.
Gasoline inventories hit
Gasoline inventories took a hit in last week’s EIA inventory report with the fuel dropping 5.5 million barrels in inventory.
What made the number even more significant was the fact that refiner capacity was recorded at 87.8 per cent. While capacity on average hits the low 90’s, the missing capacity wasn’t seen as enough to build demand. Could be a good sign of an increase in demand.
U.S spot price for gasoline has increased five cents a US gallon since the last pricing session ended.
Canadian dollar lower
While the price of oil has risen in recent weeks, the Canadian dollar has lost ground against the US dollar, dropping almost four cents against its US counterpart since October 19th. Almost every cent increase at the pumps equals every 3/4 cent lost against the US Greenback.
That’s it for this week!