06-01-2017, 09:58 PM
Gasoline prices heading into Memorial Day weekend average $2.40 per gallon (gal) nationally, up from last year's price of $2.30/gal. Despite the year-over-year increase, 2017 marks the second-lowest price ahead of the Memorial Day weekend since 2009, when the national average price of retail regular gasoline was $2.31/gal. Relatively low crude oil spot prices, weaker year-over-year gasoline demand, and high gasoline inventories have contributed to relatively low gasoline prices.
Canadian equity markets risk being swamped with oil sands company shares this year as Royal Dutch Shell and ConocoPhillips prepare to offload $6.8 billion worth of stakes in two domestic producers, just months after acquiring them. The two firms acquired shares in Canadian Natural Resources Ltd and Cenovus Energy as part of deals struck earlier this year to sell off oil sands assets.
Shell, ConocoPhillips $6.8-billion oilsands share selloff risks flooding market | Financial Post
Oil prices slipped on Monday as further increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply. Brent crude futures were trading down 19 cents at $51.96 per barrel at 0857 GMT. The contract ended the previous week down nearly 3 percent.
Oil slips as more US drilling outweighs OPEC-led cuts
Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years. A reduction would show the market is finally reversing course after years of stock builds that left a worldwide overhang of half a billion barrels of crude oil and refined products.
Big drop in U.S. oil stocks finally on the way, traders say | Reuters