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.
Market highlights
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!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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