Hi to all,
Here’s what I have
for this Thursday’s price changes:
*Heating/stove oils
to increase by 4.1 cents a litre.
*Diesel fuel to
increase by three cents a litre, and...
*Gasoline to
increase by 3.5 cents a litre.
Market highlights
Bolton appointment
continues to fan the oil markets
John Bolton seems to be a nice enough fella...
At least to Donald Trump.
He’s
now a member of the Trump cabinet and was a key adversary of the Iran nuclear
deal reached between Obama and six other nations sitting around the U.N
security council, and Germany. The deal signed a few years back saw Iran
increase its oil exports in return for promising to shut down it’s nuclear
aspirations.
Markets are still trading oil higher as speculators see the possibilities of
another extended Middle East conflict between Saudi Arabia and Iran, a problem
that was given fuel with Crown Prince Bin Salman meeting with Trump earlier
this week.
Budget 2018
The provincial budget is in and there’s really no surprises in it.
While the province held back on the remaining four cents a litre in gas taxes
that first came in back in Budget 2016, they did commit to dropping the gas tax
immediately upon implementation of a new carbon tax due to hit the people of
the province in January of 2019.
Further, the province has set the budget based on $63 US a barrel.
With eleven opinions of where oil will be, the government settled on those
opinions.
I
personally wouldn’t have gone beyond $55 US. We’ve been here before and the
markets are certainly volatile with U.S domestic production set to break the
eleven million barrel a day mark in a couple of months. True, that geo-politics
may reign supreme in the news right now, but anything is possible and can’t be
discounted.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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