Friday, 02 September 2011 00:00

Oil stories of the week

Let us start this weeks stories with Hurricane Irene. The East Coast endangered and New York in fear. Even the crude refineries and plants were in danger. Now, the hurricane passed away, and the refineries weren't even touched by it. An impact on the crude prices was awaited, and it also happened, however, in an opposite way.

The East Coast refineries increased their production. According to Stephen Schork, the president of the Schork Group energy advisory in Pennsylvania: "The product markets are leading us higher. It's the penultimate day for trading the September gasoline contract, which you can deliver summer-grade gasoline against." And also the prices showed a little raise in their course. The actual WTI price is $88.8, Brent $114.03 per barrel.

Also this week came the new list of the Ministry of Economy, Trade and Industry (METI), which showed a little change in Japans crude oil import from May to July. 1.9 percent lesser as a year before.

Finally, let us talk about the Northern neighbours of the U.S.A, the Canadians. AS we know, Alberta and the West part of the country drills and exports a great amount of crude to the US. In the while, the East part has to pay more for crude oil, and this is was lead to several debates between these regions. The East region claims a new oil export strategy, that should help improve the Canadian industry and economy, instead of the foreign one. But for these, they should build new pipelines, secure new jobs for the people and as a result, the fuel prices should get lower.


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