Hi to all,
Here’s what I have
for this week’s price changes:
*Heating oil, stove
oil and Diesel all show a drop of 8/10ths of a cent a litre, and...
*Gasoline shows a
drop of two cents a litre.
Market highlights
OPEC+ meeting
cancelled
OPEC+ decided to
cancel their next meeting on the 28th as the Joint Technical
Committee met ahead of the meeting to discuss the potential for cancelling any
additions to oil production by the group.
An announcement by the group earlier today did not see any potential drop in
demand as affecting its policy of adding oil to the world market starting in
May with the addition of 350,000 barrels from the OPEC+ group of 23 ministers
and 250,000 barrels from Saudi Arabia.
Keep in mind however, that both Japan and India are experiencing outbreaks of
Covid-19 that could force the OPEC+ group to revisit the additions to
production.
The next meeting of the group is scheduled for June 1st.
Granholm:
Diversify!
US Energy Secretary
Jennifer Granholm has warned major oil producers that they must diversify or
risk becoming the next Kodak or Blockbuster Video of the energy world.
Granholm was speaking at a special event organised by Politico last week when
the message was sent out to the industry that they can no longer keep oil alone
in their energy mix, and that they must diversify to other areas of the energy
world or risk closure. She invited energy companies to join the green
transition or be left behind as the world turns to lower carbon.
US EIA inventories
The latest
inventory data from the Energy Information Administration shows a gain in crude
stocks of 600,000 barrels while gasoline also increased by 100,000.
Distillate stocks fell by 1.1 million barrels.
US refinery capacity was steady at 85 percent again this week as refined
products were closely in balance with inventory results.
US gasoline supplied to the markets was 9.1 million barrels a day against
5.3 million barrels a day for the same timeframe last year.
US domestic production was recorded at 11 million barrels a day.
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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