Hi to all,
Been at this for twenty three years as of last week. Hard to believe...
Here’s what I have for this week’s price changes:
*Heating, stove oil and Diesel fuel all show an increase of 4/10ths of a cent a litre.
*Gasoline shows an increase of 2.1 cents a litre.
Market highlights
OPEC meeting is set for next week
OPEC and non-OPEC members will meet December 5th and 6th to discuss a possible additional cut to oil production in an effort to cut back on a world glut of oil and to help support prices.
OPEC members will start with their own meeting on the 5th, followed by a meeting on the 6th where they will be joined by non-OPEC Ministers.
It is the 177th time for OPEC to meet and just the seventh time for non-OPEC countries.
Meetings to discuss deeper cuts to OPEC’s self imposed cuts of 1.2 million barrels a day have played on the markets the last few weeks, with prices rising higher in the last two weeks as the meetings drew near.
US Thanksgiving Day drives demand
The U.S Thanksgiving Day holiday has done what some have feared the last few weeks: drive up prices to consumers.
With an anticipated increase in travel over the next few days, gasoline has risen as a result that will have some impact on overall supply. But increases have been tempered somewhat by growing inventories with prices up, but not as sharply as other years.
US EIA inventory data
Latest news from the Energy Information Administration indicates that crude oil continues to build with inventories adding 1.4 million barrels for the ninth week out of ten.
Gasoline inventories added 1.8 million barrels, while distillates dropped a million.
Refiner capacity was recorded at 89.5 percent.
US domestic output was steady at 12.8 million barrels a day.
That’s it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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