Hi to all,
Here's what I have for price changes for this Thursday, February 1st:
*Heating/stove oils show an increase of 8/10ths of a cent.
*Diesel shows an increase of 1.2 cents a litre, and...
*Gasoline shows an increase of 1.2 cents a litre as well.
*Diesel shows an increase of 1.2 cents a litre, and...
*Gasoline shows an increase of 1.2 cents a litre as well.
Market highlight
Oil hits a wall?
While oil prices have being showing a steady rise as of late with people like myself waiting for U.S domestic production to respond, strong signs are emerging that we might be hitting the wall on further increases to oil prices.
Cracks started appearing this week in speculators upwards trading of oil prices that may have been partly influenced by a huge growth in domestic production last week that, in itself, may have led to a decline in prices the past two days of market trading.
With oil prices butting heads with $70 US a barrel oil, it was long expected that U.S domestic production would soon ramp up on prices alone and help add a buttress to rising prices.
Last week may have been the turning point.
With U.S domestic set to hit 10 million barrels a day as soon as this week, speculators are starting to pull back on bets for rising oil and the past two days have shown oil retreating back to $68 US on "fears" that U.S domestic is beginning to take off.
While it may be of no benefit this week for consumers here, the real benefits will be garnered as soon as next week if inventory reports confirm further increases to U.S domestic production figures tomorrow.
While oil prices have being showing a steady rise as of late with people like myself waiting for U.S domestic production to respond, strong signs are emerging that we might be hitting the wall on further increases to oil prices.
Cracks started appearing this week in speculators upwards trading of oil prices that may have been partly influenced by a huge growth in domestic production last week that, in itself, may have led to a decline in prices the past two days of market trading.
With oil prices butting heads with $70 US a barrel oil, it was long expected that U.S domestic production would soon ramp up on prices alone and help add a buttress to rising prices.
Last week may have been the turning point.
With U.S domestic set to hit 10 million barrels a day as soon as this week, speculators are starting to pull back on bets for rising oil and the past two days have shown oil retreating back to $68 US on "fears" that U.S domestic is beginning to take off.
While it may be of no benefit this week for consumers here, the real benefits will be garnered as soon as next week if inventory reports confirm further increases to U.S domestic production figures tomorrow.
I'll keep it at that for this week!
Regards,
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