Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oil to increase by 1.9 cents a litre.
*Diesel to increase
by 1.4 cents a litre, and...
*Gasoline to
increase by 1.2 cents a litre.
*A reminder that we
are now into winter blending for distillate fuels now, so the numbers there can
be off somewhat for now until springtime when the blend is lifted on the return
of warmer weather.
Market highlights
World Energy
Outlook 2020 released from IEA
The International
Energy Agency has released its 2020 world oil outlook has been released.
It gives three different scenarios for oil and demand growth, all forecast
under Covid-19 conditions, that gives us a snapshot on what could be for the future
of oil.
In all scenarios, alternative energies take centre stage, particularly solar
energy which it predicts, has become the cheapest form of energy available in
most countries that the world now knows.
Hydropower remains the most accessed, but it is also followed by offshore and
on shore wind power.
The report also states that a robust investment in electrical infrastructure
will be required if countries are to take full advantage of these alternate
energies.
On the oil side, it states that demand will not recover for oil until 2023 and
that demand growth will grow modestly until 2030 at which time demand growth
for oil reverses.
But
no real sign of dropping demand growth is realised unless government policies
change.
Release here: https://www.iea.org/news/world-energy-outlook-2020-shows-how-the-response-to-the-covid-crisis-can-reshape-the-future-of-energy
Report link here: https://www.iea.org/reports/world-energy-outlook-2020#
OPEC report shows
dropping demand
OPEC also released
its monthly oil report today, also reflecting a drop in world demand, mainly by
OECD (Organization for Economic Cooperation and Development) and non-OECD
countries taking the drop of 800,000 barrels a day, projecting demand in
2021 at 96.84 million barrels a day from today’s 90.3 million barrels a day, up
6.5 million barrels.
Its report goes on to state that world demand pre-pandemic was recorded at 99.7
million barrels a day, so any growth will still be well off from the normal.
US EIA inventories
The latest report
on US inventories is out and it shows a modest build in crude oil inventories
of 500,000 barrels.
Gasoline
dropped 1.4 million barrels while distillates dropped a million.
Refinery capacity
was up to 77.1 percent overall with 8.89 million barrels a day supplied to the
US markets against 9.46 supplied over the same time period for last year, a
difference of just 570,000 barrels a day.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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