Hi to all,
Here’s what I have for this week’s price changes:
*Heating and stove oils to increase by 2.2 cents a litre.
*Diesel shows an increase of two cents even, and...
*Gasoline shows an increase of 1.7 cents a litre.
Covid-19 vaccines make an impact
Pfizer and Moderna both have announced what they call effective vaccines for Covid-19, helping to spur upwards movement for oil prices.
Ironic as it is with huge outbreaks of the virus, markets were looking for some optimistic news and the announcements of the vaccines over the last week certainly were enough to give just some support to oil prices, while markets also still fought off the downturn of demand for fuels brought on by uncontrolled outbreaks of the virus worldwide.
Alternatives: Quebec announces the inevitable
Quebec made a huge announcement this week that will see the end of gasoline powered vehicles in that province by the end of 2035, just fifteen years away.
The province joins California, Ireland, France, Britain, Belgium, Norway and Germany as countries who have all set deadlines to any fossil-fuelled new vehicle sales as those emerging markets see electric/battery powered vehicles as the way of the future.
In Norway, almost seventy percent of new vehicle sales in September were of electric vehicles.
OPEC+ still talking output levels
OPEC and non-OPEC oil producing nations are still talking about production cuts and still discussing when they will put more oil onto the markets, even as they all see their world oil demand slipping.
Their production cuts agreement was to see two million barrels of oil a day added to the markets starting in January 2021, but they are now in discussions ahead of next week’s OPEC+ meeting next week to come up with a new deadline three to six months further down the road as the world has yet to see any form of economic recovery as a result of Covid-19.
Meanwhile, no doubt discussions will also include Libya, whose oil output has reached 1.2 million barrels a day from last month’s 250,000 as a result of a UN brokered peace deal between warring factions there.
US EIA inventories
The latest report from the Energy Information Administration has been released, and it shows an increase of 4.3 million barrels.
Gasoline showed a drop of 2.3 million barrels, while distillates also dropped 5.4 million barrels.
Refiner capacity was recorded at 74.5 percent.
Domestic production was reported steady at 10.5 million barrels a day.
That’s it for this week!