Tuesday, March 06, 2018

Price changes for Thursday, March 8th, 2018


Hi to all,



Here’s what I have for this Thursday’s price changes:



*Heating/stove oils to drop by 1.8 cents a litre.

*Diesel price to drop by 2.2 cents a litre, and...

*Gasoline to drop by 1.4 cents a litre.



Market highlights



U.S inventories weigh on the markets

While speculators have been groping for positive news in the oil markets, they have been coming up with disappointing results, and that includes the latest U.S inventory reports that signal that the U.S is starting to fill up its coffers with new oil.

      U.S crude inventories increased Wednesday last week by another three million barrels, adding to a potential glut of oil south of the border.

     Gasoline inventories also increased in spite of lower refiner capacity. Gasoline rose by 2.5 million barrels as refiner capacity dropped to 87.8 percent. With a drop in the capacity due to refinery shut-downs for maintenance, it was unusual to see gasoline inventories building with refinery spigots turned off.

       It may also signal a slightly bigger drop in demand as consumers may have been curtailed from using fuel as a result of foul late winter weather.

      U.S domestic output increased in the last week, adding another 13,000 barrels a day to overall U.S production of oil.



Canadian dollar sinks again

The Canadian dollar lost ground again to Trump’s call for increased tariffs against Canadian steel and aluminum helped support refined prices.

      With the Canadian dollar losing almost three cents against the U.S greenback, refined prices also lost roughly 1.6 cents a litre on all refined fuel prices.



That’s it for this week!



Regards,



George Murphy

Twitter @GeorgeMurphyOil

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