Hi to all,
I hope Easter was good for everyone and that for some it was a time
of rest. At my place, between the twins, it was "chocolate madness"...
Either way, here's what I have for this week's price changes:
Heating and stove oils show a slight drop of 7/10ths of a cent a litre.
Diesel drops by 9/10ths of a cent, and...
Gasoline shows up by 1.8 cents a litre.
No doubt about it, but speculators know the start of the summer driving
season is on the way, and that right now is about their only hope of
scraping together any kind of a profit on their fare. April month has
always been the month where we have historically seen that run-up to the
US Memorial Day weekend (our May 24) that marks the start of the heavy
demand gas guzzling season.
Or, at least that's what investors are hoping for!
The Canadian dollar increased slightly on news of rising oil. Earlier
in this session saw skeptics balk at talk of the lifting of sanctions in
Iran that would lift world crude stocks up by another one million
barrels a day. They think that it will take some time to bring Iranian
crude back to the markets, as the sanction agreement talks about
removing sanctions as Iran conforms to the agreement, rather than
immediate. The deal comes into full effect by June 30th.
Talk in
the markets also reflected on Saudi Arabia increasing prices to its
Asian customers, probably in a move over concerns of war costs as the
drama in Yemen continues to unfold, and not because of any shortage in
product availability. The Saudi's have to be careful about losing market
share to other sources of oil out there. At this point, they really
can't afford to lose any, now that they have a war of their very own!
"Man's inhumanity to man..."
That's it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
1 comment:
If history is anything to go by, from all the previous concessions granted to oil majors during the Hosni administration, it resulted in almost $30 billion loss of profits and an unstable supply of oil and gas , despite the increased oil production before the revolution crisis that hit the country.
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