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.
Market highlights
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!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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