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Tuesday, February 08, 2011

Just as well to say "little change" this week

Numbers are showing little change in prices this week, albeit there is a small slide beginning to show in the numbers that correspond to the slide in oil prices so far this regulation period.

Here's what I have so far:
  • Heating and stove oils show up by 1/10th of a cent.
  • Diesel shows up by 7/10ths, and...
  • Gasoline shows down by 7/10ths of a cent.
While refined commodity prices started high, continuing the trend set at the end of last week's price setting, they did start to recede against the numbers to average at almost a "break even" for the week so far.

What is the cause of this?

Seems that there was some inventory building last week, but the big news seems to be the slight easing of tensions in Egypt. Oil has been experiencing a slight retreat over the weekend on the news of the lessening of a possible interruption in the shipping of crude through the Suez Canal and the million barrel per day Cairo pipeline, both of which, if affected, could disrupt almost three per cent of world production.

We'll keep you posted on the final numbers to expect tomorrow night.

Regards,

George

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