Price changes for Thursday, October 29th, 2015

Hi to all,

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

Heating oils to increase by 6/10ths of a cent a litre.
Stove oil adds 6/10ths of a cent a litre.
Diesel fuel adds 5/10ths of a cent, and...
Gasoline adds an additional 6/10ths of a cent a litre.

Consumers to see a slight increase to all fuels this week

 

St. John's, NL, October 27, 2015- Consumers in Newfoundland and Labrador can expect to see a rarity in the markets this week when the Public Utilities Board moves to adjust prices this coming Thursday, according to George Murphy, group researcher with the Consumer Group for Fair Gas Prices.

 

"While commodity prices have remained relatively steady this past seven days, it's the price of oil that has been slipping, and that has dragged down the Canadian dollar, an important factor in figuring out Canadian commodity prices," Murphy said." We've lost two and half cents against the US greenback since the 20th of the month, and that means a rough two cents taken from consumers. We should be looking at a drop in prices, if the dollar stayed the same as last week's paring with the US dollar".

 

"In the meantime, lower oil isn't crimping on oil company profits. British Petroleum is the latest to step forth and report a $1.8 billion dollar profit over the last quarter, and that's a good $600 million more than what was expected. I expect other integrated companies to report good numbers in the coming days. Anyone with refining capacity is doing well, and this shows it. It's not just about pumping oil. It's all about the finished product as well.

 

"I'm looking at this week's Energy Information Administration's inventory data tomorrow to get a read on the future of the gasoline and distillate markets. I'm betting on, not only a build in inventories of oil, but of gasoline as well, as refiners seem to be coming back online from winter maintenance schedules. Refinery outages were reported at 1.8 million barrels last week, but data is now showing 1.1 million barrels of processing remains offline. I'm betting on more gasoline to be added, and perhaps another run down in prices later in the day."

 

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For more information, please contact;

 

George Murphy

Twitter @GeorgeMurphyMHA