Oil prices dip on brimming crude stocks, Canada fires move away from oil sands

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Oil prices fell early on Tuesday as Canadian wildfires that have knocked out over 1 million barrels worth of daily crude capacity moved away from production facilities, while brimming inventories and a strong US dollar weighed on markets.

US crude futures CLc1 were trading at $43.09 per barrel at 0040 GMT, down 35 cents from their last settlement.Brent crude was down 26 cents at $43.37 a barrel.“A reversal in the US-dollar will continue to weigh on commodity markets. With concerns easing over Canadian oil supply disruptions, crude oil could come under additional pressure,” ANZ Bank said.

A stronger dollar, in which oil is traded, makes fuel more expensive for countries using other currencies, potentially hitting demand.The dollar has jumped over 1.5 percent this month after falling by 7 percent against a basket of other currencies .DXY between January and April.

Canadian officials who got their first glimpse on Monday of the oil sands town of Fort McMurray since a wildfire erupted and knocked out over 1 million barrels of daily crude production capacity said almost 90 percent of its buildings were saved.

Despite the improving conditions, oil producers expect shutdowns of several weeks as facilities like pipelines that were close to the fires need to be inspected, while evacuees need to leave the production plants before staff can return.

If you regularly use pressure washers as part of your business, then you would do well to educate yourself about the various parts to your pressure washer system, how pressure washer pumps work, and how to troubleshoot and make repairs to your pumps. That way you minimize downtime and can cope with problems with your pressure washer systems efficiently.

Finding a reliable supplier of pressure washer parts, pressure washer pumps, pump repair kits, triggers, and spray nozzles will keep your business running smoothly with minimal downtime and minimal effect on your bottom line. Know what goes into high quality pumps and pump repair kits so that you can be certain that all your equipment is in optimum condition at all times.

Using commercial grade pumps that stand up to hours of use in demanding work conditions is wise. Making sure that you have the hoses and pumps that allow you to match the equipment to the job is the key to handling all those different demands that come up with pressure washing jobs. You want to be able to handle any psi and temperature, as well as the cleaning or other chemicals you may need to use. And you’ll need to be sure your hoses are sufficiently long and have bend restrictors on the ends to prevent kinking.

If you know the basics of how to maintain and repair your pumps, you’ll be miles ahead of the competition. You probably already know to switch off the engine of your pump when the water tank is empty, or you’ll risk burning out the pump. Changing the pump oil for pressure washer in the pump every month is a good idea, as is carefully refilling with oil to be sure you don’t overfill it.

You can change the check valves yourself too, and you should do it after about 300 to 500 hours of use. This is a matter of removing the six bolts on the pump, removing and replacing the old valves, being sure to seat the new valves evenly and making sure the o-rings are snug.

Inspecting the pump is something you should learn too. Check that the belts are tight and tighten them if necessary. Also look for water drips on the exit side of the pump. These can result in significantly lower pressure at the nozzle. Fixing these drips using ample Teflon tape when you re-tighten the fittings will not only fix the leaks, but can stop future leaks and prevent rust.

Holes or leaks on the inlet side of the pump can let air in and will cause the pump to pulsate. When water in the tank reaches a point below the leak, air will replace water and your pressure will plummet, so you want to fix these leaks and holes as well to keep your system running smoothly and powerfully.

Given that outages in Canada and around the world have eroded the 1-2 million barrels per day of crude oversupply, some traders said that a $50 price may resemble a newly balanced market as long as storage tanks remain as full as they are.

“It seems as if supply and demand have balanced, but there’s still enormous amounts of crude available in storage. With that in mind, it almost looks like $45 to $50 Brent resembles a balanced, well stocked market,” one trader said.

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Traders said they were re-focussing on North America’s brimming crude inventories despite the disruptions from Canada, which exports most of its crude to the United States.

US commercial crude stockpiles likely rose last week for the fifth straight week, with total US crude inventories seen to have built by 500,000 barrels to new record highs above 543 million barrels.

With plentiful crude available, refiners have produced large volumes of gasoline and diesel, threatening to overwhelm demand despite the upcoming peak summer US driving season.If that happens, refiners will lower their output and cut orders for new crude feedstock, putting downward pressure on prices.

Asmaa Mubita is a Kenyan journalist of international repute with over fifteen years of experience in broadcast journalism. Asmaa Mubita began his journalism career at the Kenyan state broadcaster (KBC) and later worked at the KTN owned by the Standard Group and Citizen Television, the flagship brand of Royal Media Services. These exploits together with his reporting experience with the Voice of America, CNN and BBC have been rewarded with local and global recognition.