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.
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!