Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oil to drop by a half cent a litre.
*Diesel shows a
drop of 3/10ths of a cent, and...
*Gasoline shows an
increase of a half cent a litre.
Market highlights
Markets are showing
crude mostly steady this past week as they weigh the impacts of Saudi cuts of
an added million barrels a day due to start February 1st, and with
Russia and Iraq also cutting back on exports by an added 300,000 from Iraq, the
markets are beginning to show signs of tightening crude oil supplies amidst the
covid-19 pandemic.
Average prices may
be up here, but...
Irving Oil has
applied to the New Brunswick EUB (Energy and Utilities Board) for an immediate
increase to all fuel prices that would rank with increases that consumers saw
through the Public Utilities Board here from NARL’s request for immediate
assistance two months ago.
Irving says that it has faced severe difficulties with its company as margins
have tightened against rising costs and lower demand. They have applied for an
increase of 4.09 cents plus taxes on motor fuels and a 3.02 cent a litre
increase to heating fuels. These numbers are about eighty percent of what they
have asked for in a scheduled hearing due to happen in March.
The hearings into the application will continue next week as more information
from Irving is wanted.
Story here: Irving
Oil request for 'urgent' wholesale price hike stalls over redacted evidence |
CBC News
Refiners everywhere are facing the same
problems with jet, distillate marine and transportation fuels all being hit
hard from the Covid-19 pandemic with some refiners worldwide shutting their
doors or reducing their production markedly.
US EIA inventories
The Energy
Information Administration is reporting another build in US crude inventories
in last week’s reporting, adding another 4.4 million barrels to crude stocks.
Gasoline inventories were down by 300 thousand barrels, while distillates were
up 500 thousand barrels.
Refiner capacity was reported at 82.5 percent as refiners tried to chew into
inventories.
US domestic oil production was reported at 11 million barrels a day, down two
million barrels a day from the same timeframe last year.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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