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Pumped up gas prices may dip slightly

Pumped up gas prices may dip slightly”

On Friday morning, GasBuddy posted prices of $1.10 a litre in Ottawa, less than $1.08 a litre in Toronto and less than 97 cents a litre in Calgary.

Several media outlets are reporting the cause is Hurricane Harvey. Analysts expect a hike of around 5 cents by Friday evening, followed by a further jump of 9 cents on Saturday.

Gasoline prices are expected to drop two cents a litre in the GTA on Sunday.

IHS Markit said in a report Friday about 3.6 million barrels per day of Gulf Coast refining capacity or 20 per cent of the US total is off-line, with a further 1.8 million bpd or 10 per cent operating at reduced rates.

In Western Canada, prices also leapt based on oil trading in Chicago, said Mr. McTeague.

It said outbound pipelines, including the 2.6 million bpd Colonial system to NY, are unable to source product from Houston, leading to surging fuel prices throughout the United States.

Vayu senior energy analyst Keith Donnelly
Vayu senior energy analyst Keith Donnelly

Gas prices are expected to soar this weekend in much of Canada, due to the fallout from hurricane Harvey's assault on the Gulf Coast. But McTeague says Canada simply isn't producing enough to meet that demand.

"Canadian prices rise faster & higher than anywhere else in the world signaling tight petroleum supply and market discipline: oligopoly", tweeted McTeague.

"This is normally the time where refineries go into scheduled maintenance, but with all these refineries going into what I'll call 'unscheduled maintenance, ' it will put pressure on the ones still running to go on longer", Mr. McKnight said.

"If we keep our prices low, that shortage will morph into wholesalers driving north of the border under free trade - and picking up dozens of tankers in gasoline and that will eventually see a run in our own supplies", he said.

"This is going to last through the month of September and likely into October as well, with some variation", McTeague predicts.

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