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Tuesday, October 21, 2014

Numbers for Thursday, October 23, 2014

Hi everyone,

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

Not too much to report here, but refined commodities prices still remain low on the MYMEX for the week, albeit not as low as what one would have expected, considering the slight rebound in overall crude oil prices. Futures prices remain a rough 12 cents a US gallon lower than spot pricing that I track, so there's still an "unknown" amount coming down the pipes somewhere yet to come.

Heating and stove oils show a drop of 1.53 cents a litre on the way.
Diesel shows down by a penny, and..
Gasoline is down just 8/10ths of a cent on a litre.

It's still up in the air on exactly how much oil will still drop, or if it is going to drop further. Some improvement over China manufacturing numbers helped to support oil prices the last two days, but the economic situation in the European Union still remains at question. Add to this the latest EIA inventory report tomorrow. If there's a draw of oil against US inventory, look for West Texas prices to increase. The same would go for refined commodity prices. My "fear" is that consumers saw cheaper prices overall at the pumps the last week or so, and probably consumed enough to cause a kick-back in inventories this week.

We'll see what happens around 12 noon Wednesday, see if this string of price drops continues!

Regards,

George Murphy
Twitter @GeorgeMurphyMHA 

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