Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oils to increase by 2.1 cents a litre.
*Diesel fuel to
increase by 2.4 cents a litre, and...
*Gasoline shows an
increase of three cents a litre.
Market highlights
Covid vaccine
powers up the markets
The announcement of
the covid-19 vaccines powered up the markets with oil rising to peak at $52.26
US a barrel earlier this week before starting a correction as word got out of a
mutation with the virus that saw a slow retreat to the peak in oil late in the
session.
Brent prices closed below the $50 US mark at $49.96 US as shut-ins were seen to
affect the economy worldwide, starting with travel restrictions in Europe from
the United Kingdom.
In the meantime, while I did not expect this time around to be the anticipated
reason for the market correction, data seems to indicate, at least so far, that
inventory levels have not been showing to be increasing in the face of possible
rising demand with the covid-19 treatments slowly making the rounds.
Predictions of another growth in pandemic cases as a result of Christmas travel
is also predicted for January also helped to mute the market.
Canada proposes to
end fossil fuel vehicle sales
Canada is proposing
to the US that both countries seek to end new fossil fueled vehicle sales as
early as 2035 to combat carbon emissions.
Vehicle emissions account for over 25 percent of all carbon emissions in this
country.
California and Quebec have already announced that they will end fossil fuel
vehicle sales by 2035, joining the call from such countries as France, the
United Kingdom, Ireland and Norway.
Canada is in agreement with the US that electric vehicles needed to get out on
the markets faster than they have been, and that more needs to be done to fight
carbon emissions.
Apple getting into
the EV business?
Apple has announced
that it is hoping to get into the electric car business as early as 2024, this
coming just weeks after their breakthrough announcement of new technology that
allows for extended life in batteries for their products that they’re hoping
can be adapted to electric vehicle use, helping car batteries with longer range
and at a cheaper cost.
Project Titan is an ongoing program developed by Apple in 2013 where the
company set plans to develop it’s own EV entry into the markets.
While
no details have been released on the EV itself, it will be Apple’s first venture
outside of the cellular market.
US inventories
The Energy
Information Administration released inventory data again last week showing
crude oil inventories down by 3.1 million barrels.
Gasoline stocks increased by a million barrels, while distillates increased by
just 200,000 barrels.
US refiner capacity was recorded at 79.1 percent, while US domestic production
dropped 100,000 barrels to sit at 11 million barrels a day.
7.9 million barrels of refined gasoline were supplied to the markets every day
last week, down 1.4 million barrels a day from the same timeframe last year.
That’s it for this
week!
Safe and happy
Christmas to all!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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