Hi to all,
Here’s what I have for this week’s price changes:
*Heating and stove oils to increase by 4/10ths of a cent a litre.
*Diesel to increase by 3/10ths of a cent, and...
*Gasoline to decrease by 3/10ths of a cent a litre.
Market highlights
US inventories up again
US inventories of crude oil were up again this past week for the fourth week in a row, continuing speculation that there could soon be another oversupply of crude building in the markets.
In spite of cuts to production from Iran, Venezuela and other OPEC and non-OPEC production, prices have continued to fall in the face of a possible world economic slowdown.
Crude oil showed an extra 2.2 million barrels over the week previous and Gasoline supply was also up another 800,000 barrels.
Refiner capacity was reported at 93.2 percent, up another two points over the previous week.
Oil rises on tanker attacks
Speculation that Iran was behind two attacks against oil tankers in the Gulf of Oman last week also saw oil rise as speculators see the attacks as a threat to overall world supplies if the attacks continue.
The two tankers in question were under Japanese and Norwegian ownership, but no connection has been made between that, and the fact that Japan’s Prime Minister Shinzo Abe is the chief negotiator trying to get Iran and the United States back to the negotiation table.
US-China talks on again?
Oil rose sharply over the last two days, partially motivated on word that “tariff talks” are on again in the hope of avoiding a trade war that could hurt Chinese demand for crude oil as well as damage the world economy.
No date has been given for the expiration of this round of talks that will start ahead of a scheduled G20 meeting next week.
Both countries negotiators are meeting ahead of that to try to hammer out a deal on tariffs before Trump meets with President Xi Jinping of China at the G20.
That’s it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
No comments:
Post a Comment