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Tuesday, October 14, 2014

Numbers for Thursday, October 16, 2014

As promised, the final numbers for Thursday's price changes:

Again, keep in mind that heating and diesel numbers may be off because of the winter blending of fuels!

Heating and stove oils to drop by 2.56 cents a litre.
Diesel to drop by 2.7 cents a litre, and...
Gasoline to drop by 6.8 cents a litre.

These numbers are very volatile, but downwards!

OPEC may not cut, but will probably end up competing against each other for market share. That may cause them to split. Venezuela is wanting a meeting to institute cuts to help support its own treasury, but others such as Algeria are not agreeable to those cuts and would rather ride out the storm. It's interesting to watch!

In the meantime, US domestic production is again playing a huge role with the EIA again measuring production reaching 8.83 million barrels a day. I saw figures last week measuring output at 9.01 million barrels. The truth probably lies in the middle somewhere.

While all that goes on, expect prices to continue to decline to the consumer over the next week at least! I'll keep you up to date!

Pass the word everyone! Prices are going down!


George Murphy
Twitter @GeorgeMurphyMHA

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