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Tuesday, October 12, 2010

Commodities still turbulent

Media release



Conception Bay South, NL, October 12, 2010- Consumers will still see some of the after effects of last weeks storm in the markets when the Petroleum Pricing Office and the Public Utilities Board move to adjust prices this Thursday. That’s according to George Murphy, group researcher with the Consumer Group for Fair Gas Prices.

“Numbers are showing down for distillates. Heating and stove oils show a slight drop of just 35/100ths of a cent, while diesel shows a drop of 1.2 cents a litre on the way. Gasoline shows an increase of two cents a litre coming for Thursday.” Murphy said.

“There’s still a lot of turbulence on the markets out there. One minute I’m seeing oil and refined commodity prices rise and then sink again. I think the markets are still jittery over any economic recovery, and the markets are displaying what I’ve said already about any market recovery; that a mere couple of weeks are too premature to call the shot on economic recovery just yet. As an example, there’s a record being set for property foreclosures in the US being reported on today and that was enough to stymie any increase in oil prices and signal a slight retreat.

“To add to that, there’s a prediction of an inventory build in the works when the US Energy Information Administration releases its weekly data this coming Wednesday and that is also showing in today’s retreat. Here’s to hoping that the jitters that are out there result in investors looking at the big picture instead of taking chances in running up prices that don’t reflect market realities.”

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For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

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