Hi to all,
Here’s what I have
for price changes for this week. Keep in mind that these numbers will be
updated by 10:00AM tomorrow.
*Heating and stove
oils show a drop of 2.4 cents a litre.
*Diesel fuel shows
a drop of 2.5 cents a litre, and...
*Gasoline shows a
drop of 2.2 cents a litre.
Market highlights
OPEC meets in
December
OPEC will meet the
first week of December to discuss measures to help support the price of oil
from falling further.
Those
measures may include a more extensive cut by a million barrels a day by OPEC
members to help support prices. Saudi Arabia, just two weeks ago, stepped into
the falling price issue and announced they would curtail exports by 500,000
barrels a day, a move that wasn’t seen by market analysts as being enough to
help.
Oil falls further
on earnings and economic reports
Oil prices fell
almost seven percentage points again today as lower than expected earnings
reports signalled a world economic slowdown was in the works.
Any economic slowdown also sees demand for crude oil drop along with it, part
reason why the panic sell-off was on again in the markets today.
Oil inventories up
Oil prices weren’t
helped any this past week as inventories were up, according to the Energy
Information Administration’s inventory report.
Inventories of crude oil were up again, this time by 10.3 million barrels
against an expectation of 2.2 million barrels.
Gasoline inventories were down by 1.4 million barrels, while distillate
inventories dipped by 3.6 million barrels.
Refiner capacity was measured at 90.1 percent as refineries were mostly down
for winter switchovers and maintenance. This was not seen as an issue with
prices as, when capacity picks up, inventories of refined products would be in
better shape than what was shown this past week.
The next inventory report is due Wednesday from the EIA.
That’s it for this week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
No comments:
Post a Comment