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Monday, August 27, 2012

Update #1:

U.S and mainland Canada consumers will take a hit tonight.

If you're in a mainland Canada unregulated market tonight, you might want to get to the pumps as the first round effects from tropical storm Isaac and the market wolves out there, take a bite out of your pocketbook.

Gasoline spot prices have shot up by close on 18 cents a US gallon late today on news that Isaac has succeeded in shutting in almost 75% of Gulf of Mexico oil production.

US consumers can also be expected to take a hit from today's trading, all in spite of oil's slight retreat. refined commodity prices have increased in anticipation of the drop in production as well as almost 900K barrels of refining per day has come to a halt along the storms path.

More later...

George


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