Hi to all,
Here’s what I have for this week’s price changes:
*Heating, stove and Diesel fuel all show a drop of 1.8 cents a litre.
*Gasoline shows an increase of 5/10ths of a cent a litre.
Market highlights
US inventory data
US inventories showed just a slight draw against oil supplies last week as crude showed a retreat of 1.1 million barrels.
Gasoline supplies dropped by 1.6 million barrels.
Refiner capacity remained well up, showing refiners are meeting the needs of the consumer market, with production ranging 94.2 percent for the week.
Distillate supplies showed an increase of 1.4 million barrels.
US domestic production also increased week over week, adding another 100,000 barrels for total production of 12.2 million barrels a day, mostly from shale reserves and output from Alaska.
Iran situation escalates
A British force sailing out of Gibraltar halted an Iranian tanker late last week. The tanker was halted under the guides of sanctions placed against Syria by the European Union.
The tanker was believed to be on it’s way to Syrian refineries after taking the long way around the horn of Africa before entering the Mediterranean Ocean.
Keeping an eye to Libya
The unrest in Libya continues and the fight goes on between two factions trying to gain the throne of government.
While the fighting goes on, no disruptions to exports have been reported so far, but with fighting going on between the Libyan National Army and the Government of National Accord. Most fighting is around Tripoli, but could disrupt exports if new centres of fighting open up.
Oi prices could rise if the fighting spreads. Last report I have on total Libyan production shows the North African country producing an average of 1.1 million barrels a day.
That’s it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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