Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oil to increase by 2.7 cents a litre.
*Diesel to increase
by 2.9 cents a litre, and...
*Gasoline to
increase by 2.9 cents a litre.
Market highlights
OPEC+ fails to meet
in agreement on production cuts
OPEC and non-OPEC
members met this week to try and reach a consensus in the maintenance of
production cuts, but members of the group failed to reach an agreement so far
on whether to maintain cuts to present production levels.
Members on both sides expressed concerns that any addition to production would
flood the markets with oil as the world economy has not started to recover from
covid-related shutdowns and lower consumer spending.
While some members wanted an extension to the cuts agreement that is due to
expire in January, others worried about OPEC compliance. Russia wants to
increase production starting in January by adding 500,000 barrels a day from
OPEC+ agreement to put two million barrels a day back into the markets starting
in January.
OPEC+ meets again this Thursday to try and reach a consensus.
Meanwhile, Norway has scheduled it’s oil industry to back into full production
starting at the end of December, opening the prospects of OPEC reaction. The
country shut down some production as a result of lower demand and a slump in
prices earlier this year.
Norway
is not a member of the OPEC+ organisation and produces about 1.7 million
barrels of oil per day.
Volkswagen actively
looking...
Volkswagen is
actively entering the electric vehicle markets again, this time with a new
vehicle that will be marketed for less than most other EV’s at present.
The company is in the development phase for an electric vehicle that will cost
between $24,000 and $30,000 US.
Tougher fuel standards and new stringent environmental regulations are turning
the company towards the move, and ensuring that the company has entry into the
consumer mass-market.
In a presentation this past September, the new ID.4 SUV will be at a lower cost
than the ID.3 model already on the market in September by the German company.
Volkswagen said that the move would make EV’s about 60 percent of all its
European vehicle sales by 2030.
The
ID.3 model’s largest market right now is in Norway where 60.8 percent of all
new vehicle sales in October were of electric vehicles.
Everything is
bigger...In Texas.
A company called
Invenergy has announced it will begin construction of a large solar energy project
it says will generate 1.8 gigawatts of electricity.
The project already has companies lining up for the power, with telephone giant
At&T lining up to purchase 500 megawatts of power, while Honda is buying
another 200 megawatts.
Several companies have already signed on to buy 100 megawatt or greater blocks
of power. They include McDonald’s, Google and the city of Byron, Texas.
The company has not disclosed how much they sold the power for.
US EIA inventory
data
The latest Energy
Information Administration inventory data is out, and crude stocks dropped by
800,000 barrels last week.
Gasoline stocks reported a build of 2.2 million barrels, while distillates
dropped 1.4 million barrels.
Refiner capacity was reported at 78.7 percent.
US domestic production was reported to be up another 100,000 barrels to sit at
an even 11 million barrels per day, 1.9 million barrels less than a year ago
for the same timeframe.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
No comments:
Post a Comment