Hi to all,
Here’s what I have for this week’s price changes:
*Heating and stove oils show no change in prices this week.
*Diesel fuel shows an increase of a half penny (5/10ths) a litre, and...
*Gasoline shows a drop of a half penny a litre.
U.S domestic output continues to grow
U.S inventory reports from the Energy Information Administration show that U.S domestic oil output has again showed an increase by another 25,000 barrels a day, putting domestic output at 9.707 million barrels a day.
But domestic output has been lagging a little in spite of it’s own growth. While steady upwards, it hasn’t been robust. Some speculate that there’s a need for junior producers to steady their finances before the drill-bits go in the ground. But the real reason my be a booming U.S economy.
While the economy has been busy the last few years, oil prices collapsed throwing many out of the oil patch and into other areas of the transportation sector. Simple fact may be that people aren’t as quick to enter into a sector of the economy that may collapse again and that could be the issue.
U.S inventories report
U.S crude inventories were down in the same report, showing crude down by 5.6 million barrels with refiner capacity up to 93.8 percentage points.
U.S gasoline inventories were up by 6.8 million barrels, while distillate inventories climbed by 1.7 million barrels.
Gasoline prices hardly moved over the reporting period with gas inventories offsetting crude oil losses.
That’s it for this week!