Tuesday, June 12, 2018

Price changes for Thursday, June 14th, 2018


Hi to all,



Here’s what I have for this week’s price changes:



*Heating and stove oils to drop by 6/10ths of a cent a litre.

*Diesel fuel to drop by 8/10ths of a cent, and...

*Gasoline shows another drop of 1.4 cents a litre.





Prices to drop across the board



“Consumers in Newfoundland and Labrador, New Brunswick and Nova Scotia should see a rarity in the world of oil prices and refined products: a third week in a row of dropping prices.”

     That’s from George Murphy, group researcher with the Consumer Group for Fair gas prices.



    “U.S inventories reported last Wednesday, the first day of the pricing session, showed what appears to be the impact of higher prices on consumers in the form of building gasoline inventories as consumers conserve as a result of high prices. We’re optimistic that prices will keep dropping, but consumers will eventually get used to a high price and turn back to buying again. I’m hoping that they will continue to impact inventories by going light on the gas pedal!”

       “It’s what I like to call ‘enforced conservation’, where consumers revolt for a short period of time as prices for refined product become unaffordable.”

        As reported by the U.S Energy Information Administration, gasoline inventories climbed an unexpected 4.6 million barrels, while crude oil also climbed by 2.1 million barrels as domestic production also hit 10.8 million barrels a day in the U.S.

        Distillate fuels also reported increases of 2.2 million barrels, a fuel group that includes heating oil, stove oils and Diesel fuel.

       U.S domestic production of crude oil hit 10.8 million barrels in the data last week.



-30-



That’s it for this week!



Regards,



George Murphy

Twitter @GeorgeMurphyOil

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