Hi to all,
Here’s what I have
for this Thursday’s price changes:
*Heating/stove oils
to increase by 8/10ths of a cent a litre.
*Diesel fuel to
increase by 1.7 cents a litre, and...
*Gasoline shows an
increase of an even penny.
Market Highlights
Peak pricing-for
now?...
* Consumers in
Newfoundland and Labrador, and New Brunswick can expect to see a slight
increase at the pumps this week as prices look to be peaking after rising
on increased Middle East tension and a falling Canadian dollar.
* Markets are still playing on fears that
there will be a further outbreak of violence in the Middle East that may lead
to some supply disruption, but a possible break in the Iran nuclear deal by the
U.S after the May 12th deadline to get a new deal in place on Iran
nuclear programming had some speculators running for the shade of the strong
U.S greenback rather than oil.
*Accordingly, it
seems that any fears of a U.S pull-out from the Iran nuclear deal has stoked
some fears of sanctions being placed on Iran, but it is unknown at the time if
sanctions would mean an imposition of a crude oil export cut. If that happens,
oil could rise again.
* The Canadian
dollar has lost another 1.5 cents on average against the U.S dollar this last
session with the Canuck Buck hitting $1.2867 against it’s stronger neighbour.
*U.S crude
inventories signaled a gain last week of 2.2 million barrels while gasoline
inventories increased by 800,000 barrels on 90.8 per cent capacity.
*U.S domestic production
increased by 46,000 barrels a day as domestic production again showed an
increase10.586 million barrels a day. The growth is seen as a little weak
considering the price of oil and still shows me a “reluctance” for anyone to
jump into the domestic production scene.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
No comments:
Post a Comment