Tillerson removal and this week's price changes...

Hi to all,

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

*Heating and stove oil to drop by 4/10ths of a cent a litre.

*Diesel fuel to decrease by 3/10ths of a cent a litre, and...

*Gasoline to decrease by a half penny a litre.

Market highlights

Watch oil-Tillerson is gone...

While it was a fairly quiet week on the markets, the removal of Tillerson from the Trump “cabinet” again placed an interest back into Middle East politics.

      At this point, his removal shouldn’t be a surprise. Both were miles apart on a key issue on Trump’s agenda, a renegotiation of the Iran nuclear deal.

      With Tillerson now gone, it may be worthwhile to keep an eye on oil prices as Trump may be about to take a poke at the Middle Eastern bear to see if he can’t again get his way and make changes to the Iran nuclear deal signed by Obama and five other nations in 2015.

U.S inventories

U.S crude inventories increased again last week adding 2.4 million barrels in a report that also showed a drop in gasoline supplies of 800K barrels.

      Distillate also saw a drop in inventories of 600K barrels.

      Refiner capacity was recorded at 88 per cent with scheduled refinery shut-downs.

       U.S domestic oil production hit a new high of 10.369 million barrels a day, an increase of 86,000 barrels in the last week.

That’s it for this week!

Regards,

George Murphy

Twitter @GeorgeMurphyOil