Hi to all,
Here’s what I have
for this week’s price changes:
*Heating/stove oils
show a drop of two cents a litre.
*Diesel shows a
drop of 1.9 cents a litre, and...
*Gasoline shows a
drop of 6/10ths of a cent a litre.
Gasoline, Distillate fuels continue lower
“We may be starting
to formulate a picture for heating oil prices for this winter as the focus
comes off gasoline prices from this past summer, and consumers hopefully will
see those benefits if the down trend continues”. That news from George Murphy,
oil analyst with the Consumer Group for Fair Gas Prices.
Gasoline and
distillate prices again continued to drop as lower oil and refined product
prices showed a retreat after Libyan crude again was set for export. A shutdown
of Libyan exports on Thursday helped to increase Brent prices, but turned lower
as agreement was said to re-open ports on Monday.
“It wasn’t so much
as a surprise to see Libyan exports shut in once again, but there was an
obvious peaceful resolution put in place that played into the markets over a
very quick period”. Murphy said. “Again, prices started to show a downwards
retreat especially for refined distillates.
“It’s the right
time of year to show a drop in distillates leading into the fall and winter
heating seasons as this is a traditional time of year we see that run-up in
prices ahead of the demand season. To see a drop this time of year may reflect
what speculators may be thinking: that there’s not a lot to be gained in the
markets for distillates again this year. While spot prices are still ten cents
a litre higher that what they were for the same timeframe last year, a downward
trend may be signalling further drops to come in prices”.
-30-
For more information, contact;
George Murphy
Twitter @GeorgeMurphyOil
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