Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oil to increase by 2.3 cents a litre.
Diesel fuel to
increase by 2.4 cents a litre, and...
*Gasoline to
increase by three cents a litre.
Market highlights
Saudi Arabia pokes
the Middle East bear...
Saudi Arabia joined
in on Trump’s refrain in calling the Iran nuclear deal into question late
yesterday as the Middle East rhetoric ramps up.
Trump has also called into question the deal first signed in 2009, but there
may be an ulterior motive behind the increase in questioning the deal.
While Trump has been making the call, U.S exports of domestic oil have
increased along with the increase in U.S domestic production. If sanctions were
to be ramped up again against Iran, it could come in the form of lower oil
output again from Iran, creating space for both U.S and Saudi Arabian exports
to fill the void.
Saudi Arabia has also lost a little market share in the last couple of years
and may have good reason in limiting the cash intake to a country that supports
the opposite regime in Yemen.
In the meantime, the Saudi crown prince is on record as saying the Saudi’s
would build nuclear weapons if Iran succeeds.
Scary times...
Venezuelan production
lower...
Unrest and a weak
economy saddled with a huge government debt is driving Venezuelan production
lower at a time when the South American country can least afford it..
According to International Energy Agency figures, the South American country’s
production has fallen close to 600,000 barrels a day since the same time last
year.
Provincial budget
next week to lower gas taxes?...
The province is set
to drop the budget March 27th and that brings with it the promise of
a return to lower gas taxes as government is set to remove the last four cents
a litre (4.6 cents including HST) first implemented in Budget 2016.
The gas tax at that time doubled from 16.5 cents a litre to 33 cents a litre in
an attempt to increase provincial revenue by increasing the gas tax take from
$189 million per year to a predicted $318 million.
That’s it for this
week!
Regards,
George Murphy
Twitter@GeorgeMurphyOil
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