Hi to all,
Here’s what I have
for this Thursday’s price changes:
*Heating/stove oils
show a drop of two cents a litre.
*Diesel shows a
drop of 1.4 cents a litre, and...
*Gasoline shows a
drop of just 6/10ths of a cent a litre.
Market highlights
Gasoline
inventories climb again
As the markets and
consumers recover from the effects of Hurricane Harvey, it’s also worth noting
that refineries still haven’t come back to previous capacity levels before the
hurricane hit the major Texas and area refining region.
Generally believed is the fact that some refiners have used the downtime to do
maintenance before the winter season hits. It’s just happening a little earlier
than normal.
With capacity still hanging around 88 per cent, capacity was recorded around 93
percent before Harvey hit. If the remaining difference in capacity comes
on-line, then the added inventory could help to drop prices and possibly steady
the distillate price, which has also been rising again as of late.
OPEC talks with
Russia
OPEC member Saudi
Arabia and Russia have both been in discussions the last few days and extending
agreed-upon cuts are on the agenda.
OPEC members along with Russia and Azerbaijan, agreed to make almost 1.8
million barrels a day in production cuts to help cut into the world’s excess of
crude oil.
According to them, the cuts are finally beginning to take hold and oil has been
seeing a little bit of a boost as of late.
It remains to be seen how long the cuts will last as previous reports have shown
some OPEC members producing a little more than what was initially agreed to and
U.S domestic production as well as U.S exports both continue to increase.
As a side-note, for the third week in a row, Brent crude has been averaging
anywhere between $55 and $58 US a barrel.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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