Hi to all,
Here’s what I have
for this week’s price changes. Keep in mind that winter blending may throw off
distillate prices a little:
*Heating and stove
oils show an increase of 1/10th of a cent a litre.
*Diesel fuel shows
an increase of 3/10ths of a cent a litre, and...
*Gasoline shows an
increase of two cents a litre.
Market highlights
Trump tweet sends
oil downwards-Monday
It’s not often you
see it, but when the U.S president sees oil rise, and then reacts, it’s amazing
to see the markets react as much as they did on Monday.
Trump tweeted: “Oil prices getting too high. OPEC, please relax and take
it easy. World cannot take a price hike-Fragile”
Oil prices retreated on Monday, losing over $2 US according to US Energy
Information Administration data.
Added value to
heavy crude could benefit this province
A story I read
online on Oilprice.com
talking about Venezuela’s heavy crude has me thinking...
The story at the supplied link talks about a possible shortage of heavy crude
oils on the markets that could potentially run short as a result of sanctions
and political strife in Venezuela.
But
the article also talks about infrastructure issues here particularly in
central/western Canada, but not mention the situation here off the coast of
Newfoundland and Labrador.
We’ve got a fair bit of heavy crude off our shores now.
But remember, with sanctions against Iran, OPEC production cuts and possibly
further disruptions coming from Venezuela and a lack of infrastructure to get
it out of central Canada, this province may be in line to benefit by the
shortage.
I’ll keep an eye to further moves in heavies...
U.S inventories
U.S crude
inventories were up over the last week ending February 15th with
crude adding 3.7 million barrels.
Inventories of distillate and gasoline both dropped by 1.5 million barrels on
85.9 percent capacity as refineries remained partially shut down for routine
maintenance to make ready for spring production of gasoline.
U.S domestic production added another 100,000 barrels bringing U.S domestic
production to an even 12 million barrels a day.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
No comments:
Post a Comment