Tuesday, October 28, 2014

Price changes for Thursday, October 30, 2014

Hi to all,

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

Heating/stove oils show a drop of 1.7 cents a litre.
Diesel shows down by a penny, and...
Gasoline shows a drop of 2.1 cents a litre.

The trading in oil has been a little "slick" if I can say that. I'm noting a pattern where the numbers seem to go against the real news that's out there. It's almost like a few people out there are putting in huge bids for oil just to try and support the price, hoping for the bad news to hit so they don't have to put more in.

Last week's increase in inventory should have sent oil prices well down, but they didn't. After bouncing down a few pennies, they more or less have stabilized around $81 and change US for West Texas Intermediate. You would have expected lower, considering the huge build the week previous to that. While there's a chronic sign of huge supplies out there, prices haven't fallen to match.

It's worth keeping an eye on the numbers to see how the markets react tomorrow.

Either way, consumers should expect another five cents off gasoline prices the next couple of weeks as spot prices remain about 16 cents a US gallon above what the "futures" numbers are saying, provided the markets remain steady. We'll keep an eye to that one too and see if it transpires.

That's it for this week...

Regards,

George
Twitter @GeorgeMurphyMHA

No comments: