Here's what I have for this week's price changes:
Heating and stove oils to drop by 2.25 cents....
Diesel to drop 2.3 cent, and...
Gasoline shows a drop of just 8/10ths of a cent.
As predicted, with the drop in the price of Brent and WTI the last two days, the Canadian dollar took another pounding against the US buck. It's the lowest in six years right now.
Consider this: If the dollar was at par with the US dollar right now, you'd be looking at prices a rough 18 cents a litre lower than they are right now.
Right now, refiner capacity remains tight with levels reaching close to 96 percent of overall US capacity, and inventories of gasoline still show signs reflecting the market volatility.
"Demand" continues to be a factor in gas prices. As we come to the end of the summer driving season, there's some hope of further retreat, but I expect refiners and speculators to play with the fact that refineries across North America will soon begin winter maintenance routines, and they'll use that "excuse" to keep prices elevated.
We'll see what happens!
That's it, short and sweet for this week.
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
Consider this: If the dollar was at par with the US dollar right now, you'd be looking at prices a rough 18 cents a litre lower than they are right now.
Right now, refiner capacity remains tight with levels reaching close to 96 percent of overall US capacity, and inventories of gasoline still show signs reflecting the market volatility.
"Demand" continues to be a factor in gas prices. As we come to the end of the summer driving season, there's some hope of further retreat, but I expect refiners and speculators to play with the fact that refineries across North America will soon begin winter maintenance routines, and they'll use that "excuse" to keep prices elevated.
We'll see what happens!
That's it, short and sweet for this week.
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
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