Hi to all,
Here’s what I have for this week’s price
changes for Newfoundland and Labrador as well as New Brunswick:
*Heating/stove oils show an increase of
one cent a litre.
*Diesel fuel shows an increase of 8/10ths
of a cent a litre, and...
*Gasoline shows a drop of 6.2 cents a
litre.
As predicted a few weeks back in the
aftermath of Hurricane Harvey, I estimated at the time that it would take about
two to three weeks before we see the markets come back into some form of
normalcy. With the expected decrease, it looks like the recovery is complete
with the exception of a penny in the difference between prices before and after
Harvey’s market impact.
I’ll be watching the latest in U.S
inventory reports due to be released tomorrow around noon Newfoundland time as
these numbers will be a good indicator for refinery capacity increases along
with gasoline inventories. While there was a considerable draw in gasoline
inventories last week, I’m expecting still to see a draw from the side-effects
from Hurricane Irma, which only partly affected U.S inventories from last week.
Either way, the recovery is just about
complete, and if today’s market is any indication, there is a penny down
showing for gasoline ahead of next week!
That’s it for this week!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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