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Thursday, May 05, 2011

Go light for the next few days!

As you are all probably aware now, there is a huge sell-off in the markets today on some bad economic news and a rising US dollar against other currencies. It seems that yesterday's inventory data also was enough to give investors a good scare, so it's to the bottom of the tank for oil prices and their related, refined commodities.

As of 4:20 PM Newfoundland time today, oil prices have plummeted $9.50 US, I think the largest single day sell-off of oil in recent memory, if not just a record over all!

Gasoline is also showing down by 24 cents a US gallon, or close on 6.5 a litre plus taxes here. Look for a major drop in prices next week, if this news today keeps up for the rest of the week. You may want to go VERY LIGHT on any fuel purchases before then.

Regards for now!

George Murphy

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