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.
Market highlights
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!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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