Hi to all,
Here’s what I have for this Thursday’s price changes:
*Heating and stove oil to drop by 2.2 cents a litre.
*Diesel fuel to drop by 2.3 cents a litre, and...
*Gasoline to drop by 4.1 cents a litre.
Market highlights
US-China tariff argument
Everyone has been waiting for some sort of break in the trade and tariff war between the US and China.
The U.S blinked today...
The U.S Trade Representative office announced today that it would hold back on the placement of tariffs on some ten percent of Chinese goods that includes everything from electronics like laptops and cellular devices.
Other goods, like toys, will not see any tariffs added until December 15th, which effectively means well after goods are shipped from China ahead of the Christmas season.
China had been pondering cutting off sales of US shale oil to add another dimension to the tariff and trade war.
Both the US and China have agreed to terms to begin talks again in two weeks time.
US inventories surprise
Wednesday last week saw the release of inventory data from the US Energy Information Administration that held a surprise for some expecting a draw on supplies.
US crude inventories increased last week by 2.4 million barrels, while gasoline inventories also went into positive territory, adding 4.4 million barrels.
Distillate inventories were also up, adding 1.5 million barrels.
Refiner capacity was recorded at 96.4 percent, the highest of the summer season.
Those factors helped drop oil and refined product prices lower in the past week before Wednesday’s rebound in crude prices.
That’s it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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