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”.
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