Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oils to drop by 1.3 cents a litre.
*Diesel fuel to
drop by 9/10ths of a cent a litre, and...
*Gasoline to drop
by 1.9 cents a litre.
Market highlights
U.S inventories
U.S inventories
again weighed on the markets early in this session as the Energy Information
Administration’s data showed crude inventory building against expectations of a
drop.
U.S crude gained 3.8 million barrels even though U.S refiner capacity gained
during the week, rising to 96.1 percentage points as refiners tried to take
advantage of an “end of the season rush”.
Distillate inventories also increased by 3 million barrels while U.S domestic
dropped slightly to 10.9 million barrels a day.
Energy East on
again?
The ongoing dispute
between Saudi Arabia and Canada on Friedland’s human rights tweet earlier this
week has some wondering what would happen if the Saudi’s pulled the plug on
exports to Canada.
Truth is, is probably nothing...
More likely is the possibility that some shortages may be felt in Atlantic
Canada with an ongoing situation in Venezuela.
But while these threats are out there, it reinforces the fact that they could
happen and the discussion needs to happen of asking “Now what?”
With plenty of supply in Western Canada, some are again talking about a renewed
drive to make Energy East pipeline a reality instead of a dream. Security of
supply should be a central concern to our country and the issue cannot be ignored.
But it also means the door for opportunities in this province for the future as
concerns mount on where we get our oil resources from, and what those answers
could/should be.
By the way...Saudi Arabian imports into this country amount to about nine
percent, according to Natural Resources Canada.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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