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Tuesday, October 19, 2010

Slight drops in prices for Thursday

Hi to all...
Numbers are all in for the week.
For the first six days of the period, the numbers showed no big changes coming.But that was before todays market trading that showed a drop in crude prices of close on $3.50 a barrel.
Oil closed today at just under $80.00 US after concerns were raised with China raising its interest rates and an increase in the US dollar as investors pulled out of commodities and poured money into the US dollar instead.
The Canadian dollar also lost ground against the US greenback as a result of todays market moves, losing almost a cent and a half to settle at $1.03 for a US dollar.
The Canadian dollar started out this regulation period at par with its US counterpart.
The American Petroleum Institute (API), a US oil industry representative group, also are reporting a growth in US crude oil inventory increase in their report released today.

As a result of these factors, consumers in Newfoundland and Labrador will experience a slight drop in consumer prices for petroleum products I measure.

Here's what I have:
  • Heating and stove oils will drop by 8/10ths of a cent a litre.
  • Diesel will drop by 1.2 cents a litre, and...
  • Gasoline shows a drop of 1.2 cents a litre as well.

That's it for this week!

Regards,

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

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