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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