Price changes: May 2, 2013

Hi to all,

Here’s what I have for price changes this week.

·         Heating and stove oils to increase by 1.16 cents a litre.

·         Diesel to increase by 2.4 cents a litre.

·         Regular gasoline to increase by just 4/10ths of a cent, and…

·         Reformulated gasoline shows an added 3.9 cents a litre.

Highlights

·         Hot off the Bloomberg presses, as China manufacturing has slowed another bit, meaning another sign of slowing Chinese growth. After a busy week that saw oil prices increase by an average of $4 US to Brent prices, they started a retreat again on word of oil inventory building. This word on manufacturing may keep dropping prices later this week.

·         Concerning inventories, a huge build in crude inventories sent both WTI and Brent prices ina retreat today as the American petroleum Institute reported an increase of 5.2 million barrels for the last week. The US Energy Information Administration will release their inventory report later on Wednesday.

·         The US Geological Survey indicated today that the Bakken/Twin Forks oil formation holds an estimated 7.4 billion barrels of light oil. That’s up from the 2008 estimate of between 3 and 4.3 billion barrels.

That’s it for this week! Lots of interesting oil news out there, but I’ll save it for another day.

Regards,

George Murphy

Group researcher/Member

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyMHA