Hi everyone,
Here's what I have for this week's price changes.
Not too much to report here, but refined commodities prices still
remain low on the MYMEX for the week, albeit not as low as what one
would have expected, considering the slight rebound in overall crude oil
prices. Futures prices remain a rough 12 cents a US gallon lower than
spot pricing that I track, so there's still an "unknown" amount coming
down the pipes somewhere yet to come.
Heating and stove oils show a drop of 1.53 cents a litre on the way.
Diesel shows down by a penny, and..
Gasoline is down just 8/10ths of a cent on a litre.
It's still up in the air on exactly how much oil will still drop, or if
it is going to drop further. Some improvement over China manufacturing
numbers helped to support oil prices the last two days, but the economic
situation in the European Union still remains at question. Add to this
the latest EIA inventory report tomorrow. If there's a draw of oil
against US inventory, look for West Texas prices to increase. The same
would go for refined commodity prices. My "fear" is that consumers saw
cheaper prices overall at the pumps the last week or so, and probably
consumed enough to cause a kick-back in inventories this week.
We'll see what happens around 12 noon Wednesday, see if this string of price drops continues!
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
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