Hi to all,
Here’s what I have for this week’s price changes for Newfoundland and Labrador as well as New Brunswick:
*Heating/stove oils show an increase of one cent a litre.
*Diesel fuel shows an increase of 8/10ths of a cent a litre, and...
*Gasoline shows a drop of 6.2 cents a litre.
As predicted a few weeks back in the aftermath of Hurricane Harvey, I estimated at the time that it would take about two to three weeks before we see the markets come back into some form of normalcy. With the expected decrease, it looks like the recovery is complete with the exception of a penny in the difference between prices before and after Harvey’s market impact.
I’ll be watching the latest in U.S inventory reports due to be released tomorrow around noon Newfoundland time as these numbers will be a good indicator for refinery capacity increases along with gasoline inventories. While there was a considerable draw in gasoline inventories last week, I’m expecting still to see a draw from the side-effects from Hurricane Irma, which only partly affected U.S inventories from last week.
Either way, the recovery is just about complete, and if today’s market is any indication, there is a penny down showing for gasoline ahead of next week!
That’s it for this week!