Hi to all,
Here’s what I have
for this week’s price changes, all data in:
*Heating and stove
oil to increase by 1.9 cents a litre.
*Diesel fuel to
increase by 1.2 cents a litre, and...
*Gasoline shows an
increase of 2.7 cents a litre.
Market highlights
U.S inventories
U.S inventories of
crude oil and gasoline both took hits last Wednesday as supply concerns played
into markets.
Gasoline
also dropped in supply as refiner capacity also dropped to 93.8 percentage
points, barely keeping up with a strong read on demand last week.
Inventories of gasoline also dropped a full percentage point closer to their
five year running average. Gasoline inventories were a full five percentage
points over the five year average from the previous week.
OPEC supply up
Latest figures from
OPEC show that output by OPEC member countries rose in July month, adding
70,000 barrels a day to production of over 32 million barrels.
Oil dropped today on the news after rising on supply concerns after a Houthi
rebel rocket attack on two Saudi tankers last week closed a Saudi Arabian port
to exports that initially increased oil prices through the pricing session.
Gas taxes. Time to
make the downward move?
Budget 2016 saw a
full doubling of the gas tax to gasoline as well as an added increase to some
diesel fuels.
While
most of the gasoline tax has been removed, a full four cents remains before it
falls back to it’s starting point of 16.5 cents pre-budget 2016.
Consumers have done their fair share and have carried the burden long enough,
so this extra four cents should be returned back to consumers who have been
fighting an uphill battle in their part to balance the books.
It would also be a great boost to anybody finishing up
holidays, giving them a break to do more summer travel as the season wanes.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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