Tuesday, July 03, 2018

Price changes for Thursday, July 5th, 2018


Hi to all,



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



*Heating and stove oils to increase by 2.5 cents a litre.

*Diesel fuel to increase by 2.3 cents a litre, and...

*Gasoline to increase by 3.5 cents a litre.



***



Consumers to get hit at the pumps this week



Conception Bay South, NL, July 3rd, 2018 – “Consumers in Newfoundland and Labrador, Nova Scotia and New Brunswick can all expect another hit at the pumps this week as shortfalls in oil and pressure on gasoline supplies mount”.

      That news from George Murphy, group researcher with the Consumer group for fair Gas Prices.



     “A quick look at the inventory data for last Wednesday was enough to put some added pressure on oil and refined commodities this past week as oil inventories took a hit as supplies from Alberta to the U.S were curtailed due to an outage at the Syncrude facility there. It took 350,000 barrels offline. Match that with doubts around Saudi Arabia’s ability to keep ahead of supply disruptions from both Libya and Venezuela, and we have another recipe for rising prices”. Murphy said.



     “To complicate matters further, we haven’t even considered the costs with Trump’s sanctioning of Iran in November taking an additional 500,000 barrels a day offline from U.S imports.



     “Gasoline inventories, while up slightly last week, were still tempered with the fact that refiner capacity was recorded at well over 97 percentage points, barely keeping ahead of demand. The capacity number also sucked a lot of crude through the pipes, dropping supplies by over nine million barrels in the last week. We’ll see new inventory data tomorrow to see if this trend continues. If it does, I’d be extremely worried!



     “Numbers aren’t looking good for Heating and stove oil users as spot prices are a rough thirty cents a litre than the same time in 2017. What cost a rough 47 cents on the New York markets last year now cost 72 cents today. That, and taxes adds up to a lot of money, or almost $270 to fill the oil fuel tank. If that doesn’t say something to consumers, then I don’t know what will. Gasoline numbers are no different seeing an increase in spot prices by close on the same, this time by 26 cents over last year, or a rough $16 based on a sixty litre fill-up”.



     “All of a sudden, there’s trouble ahead. If supplies don’t return to normal, inventories don’t climb and the dollar stays low, then consumers will have trouble for the foreseeable future. It could be a colder than usual winter.”



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For more information, contact:



George Murphy

Twitter @GeorgeMurphyOil

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