Hi to all,
Here’s what I have
for price changes for Thursday, June 28th, 2018:
*Heating and stove
oil to increase by a cent even.
*Diesel fuel to
increase by 6/10ths of a cent per litre, and...
*Gasoline shows an
increase of 9/10ths of a cent a litre.
Markets show a slight increase in the
works
“Expect to see a
small increase in prices across the board as markets react to shortfalls of oil
in the last days of the pricing session.” That word from George Murphy, group
researcher with the Consumer Group for Fair Gas Prices.
“For the first time
since the U.S Memorial Day holiday weekend, consumers here will see a slight
increase in prices due mainly to sudden shortfalls in expected crude oil
output.” Murphy said. “OPEC and non-OPEC suppliers got together last weekend
and agreed to supply the markets with an additional million barrels a day to
help keep prices at the $70 U.S range where OPEC wants it, but they’re having
problems just getting 600,000 barrels back online.”
Latest
word with Libya and Venezuela also spells trouble as they are having issues
getting crude into the markets; Venezuela because of civil unrest and Libya,
because of fighting that has closed its two major ports for oil export.
“Enter Donald Trump who has expectations for all European Union nations to
adhere to Iranian sanctions that Trump says will be brought in by November 4th,
removing another 500,000 barrels from U.S imports,, and you have a recipe for
rising prices. To top it all off, draws are expected against U.S West Texas
Intermediate crudes as a electrical fire has caused a major disruption of
exports of crude from Alberta with the shutdown of Syncrude’s 350,000 barrel a
day refinery in Alberta.
“In very short order, over the past week, we have a shortfall in crude oil that
is real, and shows just how sensitive the oil markets really are. While some
crude prices have risen sharply, I expect that refined prices will follow soon,
but only if inventories of refined products are affected. The truth being that,
as some crude oil supply has been hit, consumers may also be at risk in the
coming days as supply cannot meet demand in the major refining areas-and it is
summer, the time of greatest gasoline demand.”
-30-
For more
information, contact:
George Murphy
Twitter
@GeorgeMurphyOil
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