Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oils show a drop of 1.1 cents a litre.
*Diesel fuel shows
a drop of 1.5 cents a litre, and...
*Gasoline shows no
change this week.
Markets steady. Waiting for Wednesday
inventory data
“Consumers will not see any change to
gasoline prices this week as the markets await inventory data from the U.S
Energy Information Administration for any sign of rising or falling demand”.
That word comes from George Murphy, group researcher with the Consumer Group
for Fair Gas Prices. ”However, being the non-demand season for distillates like
heating, stove oil and diesel, we’ll see some further retreat in prices”.
“The markets are searching for any reason
for optimism amongst signs that demand still hasn’t shown any appreciable
growth in demand for gasoline, and that sentiment continues as some are
expressing ongoing concerns over the world glut of oil. There’s lots to go
around.
“In what must be a surprise to most, the
US EIA has reported three weeks of gasoline inventory building in the middle of
the demand season for that fuel, and smack in one of the world’s most bustling
economies, and with the final mystery of why demand hasn’t risen its head this
summer season. At least not yet.
“Even the American Petroleum Institute
earlier this evening found another build in both crude and gasoline inventories
which could spell trouble for speculators in the gasoline markets for the rest
of the summer. With demand faultering and a forty five day delivery time from
oil patch to the consumer, time is fast running out for them. July is coming
and it’s ‘mid-August’ on the buying markets in what could be a wrote-off
season.
“Looks like what you see is what you’ll get
for the rest of the summer season, barring any unforeseen or geo-political
changes. It could be a much cheaper summer traveling season than what we’ve
been used to”.
-30-
For more
information, contact;
George Murphy
Twitter
@GeorgeMurphyOil
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