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A Brave New Year
With the New Year comes renewed hope for better times and a positive recovery in the global markets to revive our shattered retirement portfolios, not to mention our global psyche. We’re off to a rough start with the devastating news of a 7.0 magnitude earth quake in Haiti, and so the world must once again galvanize to help those in need.
As we look toward a hopeful and steady recovery in Haiti, and in the world’s economic situation, since our report in mid-December, crude prices have surged over 13% or almost $10/barrel to over $83/barrel. Crude prices have continued increasing for the last 10 trading days. This has certainly contributed to the strengthening Canadian petro Loonie helping to cushion some of the rise in energy costs at the pumps. Unfortunately, a stronger Canadian dollar will hurt many areas in our economy that could reduce Canada’s economic recovery. In our opinion the dramatic increase in crude price has been influenced by a great many factors. We’ve outlined these factors, as well as what the upcoming interest rate hike will mean for the petroleum, natural gas and electricity markets. This week’s Energy Report also discuss the sale of Shell’s national bulk fuel network, the closing of the Montreal refinery, what’s happening in the natural gas and electricity markets, and much more.
By: Roger McKnight, Senior Petroleum Advisor
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