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Thursday, August 04, 2011

Speculators...Beware!

Consumers here won't see any break at the pumps this week, but numbers for the next pricing session are starting to show the cracks in the economy, so far showing three cents a litre down.

People are also starting to feel the future pinch, if my figuring is right.

Refined commodity prices started to take a downwards turn, in spite of the drop in oil prices, as a result of signs of waning demnd and an increase in inventories of all refined products.

There was also a gain in overall crude oil supply that could be very telling, with peak summer deand and a build in inventory, the prospects for oil profiteering haven't been this low in months. With the talk of "recession" entering the markets again today, it looks like summer is shot to the speculators.

If oil keeps losing value, we just might see the Public Utilities Board have to use the rate adjustment formula to knock back electricity prices again...(Yeah...right!)

Stay tuned....

George

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