Hi to all,
Here’s what I have
for this week’s price changes. Keep in mind that winter blending is still in
effect, so it may throw off the numbers a tad.
*Heating, stove oil
and Diesel all show no change this week.
*Gasoline shows an
increase of 3.6 cents a litre at the pumps.
Market highlights
U.S inventories
surprise
The U.S Energy
Information Administration’s weekly report on Wednesday last week surprised the
markets a little as crude oil was recorded well down from analysts predictions.
While most predicted a drop, some around 2 million barrels, the actual numbers
showed a drop of 8.6 million barrels.
The surprise was twice over as gasoline supplies dropped 1.9 million barrels
while capacity was recorded at 87.1 percent.
Distillates dropped 300,000 barrels over the last week.
The next EIA inventory report is due Wednesday.
U.S-China trade
talks continue
The U.S and China
tariff dispute may be coming to an end, at least that’s the feeling among some
speculators as oil prices responded to the news on Friday.
Refined prices also responded, with gasoline rising sharply as demand was
thought to pick up along with anticipated oil demand if the talks prove
successful.
Any removal of tariffs from Chinese goods coming into the U.S will be seen as a
spur on demand that would increase consumption.
Canadian dollar
slides again
The Canadian dollar
lost ground against the U.S Greenback again this week as oil price gains didn’t
spur a rise in the Canuck buck.
Data on Friday showed a stagnation in Canada’s economy with this country
recording the slowest growth in almost three years, partly due to a
downturn in oil prices and activity.
The
Canadian dollar lost an even two cents against the U.S Greenback since last
Wednesday.
That’s it for this
week!
Regards,
George Murphy
Twitter
GeorgeMurphyOil
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