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Tuesday, May 08, 2012

Consumers will catch a break!
Heating, Diesel and Gas all down

Late night in the House, so I’ll keep this short and sweet!

Here’s what I have for Thursday morning, with all data in for the week:

· Heating and stove oils show a drop of 3.14 cents/Litre on the way.

· Diesel is down by 3.6 cents/Litre, and…

· Gasoline shows a drop of 4.1 cents/Litre coming down the pipes.

Some market highlights

· West Texas Intermediate is down close on $8.00US a barrel this week.

· Brent crude closes at $112.48 US a barrel.

· American Petroleum Institute measure of crude oil inventories shows an increase for the past week of an added 7.8 million barrels of stock, the highest crude inventory since 1990. There’s plenty of crude and no one using it. These numbers will be weighed against the US Energy Information Administration’s report on inventories tomorrow (Wednesday).

· All this started off on Friday when a weak US jobs growth forecast was said to be a possible sign of further slowing in the US economy.

That’s it from me for this week!


George Murphy

Group researcher/member

Consumer Group for Fair Gas Prices

Twitter @GeorgeMurphyNDP

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