Hi to all,
Just a quick update on what I'm seeing in the markets since yesterday's rattle at the pumps.
Just crunched the data so far and the downward trend has started, albeit I'm keeping an eye to Hurricane Irma's impact. Right now, there is panic buying ahead of the storm's landfall in Florida in the next day or so. It hasn't impacted the gas markets yet, but that is a possibility that may not get picked up until the next release of inventory data on Wednesday from the U.S Energy Information Administration.
So far, gasoline shows a drop of 4.5 cents a litre at the pumps, but like I say, that's just two days data. You need all seven days data to call the final shot on what we can expect, but there is enough downward movement to say that I believe the numbers will be down as predicted.
In the meantime, in the coming days, I will pen my thoughts here on what I feel our country really needs to do to protect us all from spikes like this, so, stay tuned.
Stay in touch, and I will too!
Regards,
George
Twitter @GeorgeMurphyOil
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