Six days out of seven reporting are showing a jump in fuel prices to come this Thursday. They will be up over what I'm showing here, if all holds well in the oil markets tomorrow as well...
If they are, you can be sure that all these numbers could go up at least another half cent from what I'm showing.
Here's a run-down on what I have so far this regulation period:
- Heating and stove oils show an added 2.45 cents a litre.
- Diesel shows an added 3.1 cents, and...
- Gasoline is up by two cents a litre.
from last weeks upwards climb of three bucks a barrel, I guess it could be worse. The Canadian dollar is becoming an important factor in insulating consumers here in getting tagged with added increases. If this were the same time-frame from last year, it very well could be that, just for gas prices alone, we could be dealing with an added 11 cents a litre upwards.
That would have been a shocker on that fact alone. US consumers are looking at an added fourteen cents a litre at the pumps over this last week!
In the meantime, days are limited for oil to keep climbing. At least that's my opinion on the situation. Just how long can oil go up before high refined prices start to affect consumer spending?
My belief is "Not long".
I'll have an official release on all seven days activity late tomorrow night but keep your ears to the ground for talk from the consumer perspective, on how high prices are beginning to affect their spending. That's when the large oil sell-off could begin.
More tomorrow night, as I've said...
Regards for now,