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Sunday, May 06, 2012

Coming Down the Pipeline...

Just a short note:

By the look of things in the markets, consumers will see a drop to all prices when the PUB adjusts prices this coming Thursday. Between the France and Greek elections, it seems that countries like Norway have begun to dump Greek and Ireland bonds and that has suddenly led to a whole new lot of uncertainty in the markets in the last couple of hours.

What started it all? Weak US jobs numbers out late Friday.

West Texas intermediate has dropped to $96.18 a barrel, while Brent has dropped to $111.17 US a barrel as of 9:30PM Newfoundland and Labrador time Sunday.

Here’s what I have so far, keeping in mind that there are still two business days yet to attain for final data:

· Heating and stove oils are down by 2.76/Litre.

· Diesel is down by 3.2/litre, and…

· Gasoline is down by 4.2 cents a litre.

If trading sends oil down further, consumers can expect these numbers to also be down further. In the meantime, I don’t expect a huge “recovery” based on the weekend economic news! Looks like there’s a “market correction” underway.

I’ll be in touch with all on this one…


George Murphy

Group researcher/Member

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyNDP

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