No surprise for me...
Last week I noticed a trend being set, and it wasn't a good one. With the focus of the markets being mainly set on possible economic recovery, the numbers for oil have also been up.
Refined commodities up right along with it as well.
As I predicted last week, numbers are up for both heating and stove oils, and distillates like diesel fuel as well, albeit, not quite up to the two cent a litre figure I talked about, but still with one more day to go...
Gasoline shows "down" so far, and is likely to stay down when I have the final numbers tomorrow night.
Here's what I have so far, like I say, one more day to go:
- Heating and stove oils are up by 1.36 cents a litre.
- Diesel shows an added 1.7 cents a litre up, and...
- Gasoline shows down by 1.8 cents a litre.
The disturbing thing I'm seeing in all this is the rebound of heating stove oils and diesel numbers, all distillate fuels. It's bad enough that we see high heating prices during the winter, but now we're witnessing a run-up in heating oil prices during the summer when, traditionally, they have been down.
Diesel fuel is showing the same characteristic moves up, but most likely caused by a run-up in diesel use because of a proposed economic recovery that is doubtful.
I just keep wondering to myself: How long will recovery occur when we're talking rising energy prices? Cheaper energy means a more robust recovery, does it not?
I'll have the final numbers tomorrow night, but from the look of things, it's distillates "up" and gasoline "down" for Thursday morning.