Hi to all,
Here’s what I have
for this week’s price changes:
*Heating, stove
oils and Diesel all show show an increase of 7/10ths of a cent a litre.
*Gasoline shows an
increase of 2.3 cents a litre.
Market highlights
OPEC regular
meeting this week
OPEC will have a
meeting this Thursday to discuss adding more oil to the markets, but the OPEC
Joint Technical Committee(JTC) has been meeting ahead of OPEC’s member meeting
to have a look at the market conditions as they sit to see where OPEC+
membership should go with production output increases.
General consensus at the early meetings seem to indicate that OPEC will
increase production through June month by adding up to 2.3 million barrels a
day, starting with an increase of 1.4 million barrels in April month,
rising to 2.3 by the end of June.
No sign of whether Saudi Arabia will add their own production cut of a million
barrels a day back into the mix, but the consensus seems to be forming that any
additional production will be met with a close examination of world economic
recovery as it sees recovery continuing with more Covid-19 vaccine
availability.
23 nations form the OPEC+ group.
Oil glut quickly
disappearing?
A glut of oil left
on the markets after a deep drop in consumption left by the Covid pandemic is
seemingly disappearing, sparking a concern from some that the world could be
left to pay higher oil and refined prices if OPEC+ does not address the supply
crunch that could be coming.
Countries such as India are warning that any harsh increase in oil prices will
damage a weak returning world economy, and some are bullish on the prospects of
Saudi Arabia putting back the million barrels a day they cut in February as a
measure to prevent any rapid increase in oil prices.
Toyota unveils new
fuel cell
Toyota’s entry into
the hydrogen/electric vehicle market is looking to become a gamechanger in the
hydrogen powered vehicle industry.
Toyota unveiled a new fuel cell that will increase the range in its Mirai to
almost 650 kilometers, giving Toyota the advantage of being a major supplier of
fuel cell technology that it hopes will make it a industry leader in hydrogen
fuel cell technology in the coming years.
US EIA inventory
report
The latest inventory
report from the Energy Information Administration is out and it showed a modest
build in crude oil inventories of just 1.3 million barrels.
Gasoline inventories remain unchanged while distillates were down five million
barrels.
US domestic production was reported at 9.7 million barrels a day, well down as
the Texas freeze was shown to take hold in the inventory figures.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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