- Heating and stove oils are down by a mere 3/100ths of a cent.
- Diesel is down by 3/10ths of a cent, and...
- Gasoline is down by 2.1 cents a litre.
Cause for celebration maybe?
Not quite yet, but it is a welcome break from last weeks sudden rise and puts us in line with what has been happening in other markets with very modest price drops.
What I'm looking for this week
Of course, tomorrow will find me posting the full seven day synopsis on what to expect as regards to price changes for the week, but I'm also looking for signs of a drop in demand of products like gasoline just to see if price has anything correlating to last weeks build in gasoline inventory.
That news comes on Tuesday with an industry report on inventories followed on Wednesday by the US Energy Information Administrations take on inventory findings.
If so, then expect some further moderation in both distillates as well as gasoline, and that should be mirrored by a slight slide in oil prices. If demand has been affected by high prices it may be very likely an indicator that we're all dealing with very weak recovery in the economy, something for which there's much contentious debate.
For me, it's going to be another signal to Big Oil that consumers aren't going to tolerate high prices and it'll be another sign that there's very little room for maneuver by the consumer when it comes to disposable income.
You know where to find me...
Catch you all tomorrow night with the final breakdown on what to expect for Thursday.
Regards for now!