Numbers down for the week

Hi to all,

Numbers are in.

Here they are, short and sweet.

·         Heating and stove oils are down by 2.0 cents a litre.

·         Diesel is down by 2.6 cents a litre, and…

·         Gasoline is down an even penny.

There’s not a lot to follow up on from the markets this week, but there are a few things to watch in the next couple of weeks, however…

Of note:

·         Continuing unrest in European union countries, particularly Spain, where deep austerity measures are a bitter pill to swallow. The Union is still having trouble dealing with how to handle debt problems, all in spite of banks moves to give interest relief that would have brought down bond interest rates in European Union countries.

·         Inventory levels: US inventory levels of crude oil climbed a record eight million barrels last week, leaving doubts about the present price of oil. Another build in crude oil inventories may be enough to sound warnings about waning demand for crude in slowing economies, in this case, the US economy. A drop in inventories of crude may only help to stabilize oil prices where the markets are still awaiting positive economic news from Europe and the US.

·         Keep an eye to China’s inflation rate and projections of economic growth. Any drop in growth will make a big-time impact on oil prices, if they’re combined with bad economic news from Europe and the US.

That’s it for now!

Regards,

George Murphy

Group researcher/member

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyMHA