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End July Forecast
forecast
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2011-07-13 08:43:40

Despite every world economic sign pointing to a required drop in oil prices, the market simply continues to be overpriced.

Combined with the probable start of a period of a stronger dollar will see near record highs at the fuel pumps yet again. 

Based on current brent price of $116 and a $1.40 dollar, it is forecast that pump prices will rise to €1.55 - €1.57 for unleaded and €1.46 - €1.48 for diesel by month end, with a good bit of the rise coming this weekend.  



hulkie
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2011-07-14 09:29:01

Markets just baffle me altogether. One of the reasons oil is still fairly high is because the USA could default which means a weakening in the dollar so speculators are seeing investors running for cover and sticking money in oil. Do none of these investors see the double edge sword? The recover of world economies is being strangled by high oil prices.


tarabuses
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2011-07-15 13:46:17

Not so much investors as speculators and they don't consider about anyone except themselves.


Rathcormac
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2011-07-21 15:38:08

The US Government have launched an investigation as to what is happening on the markets and to see if there is collusion between the oil refineries and traders.

Think that will be interesting!


mcaul
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2011-07-27 09:15:15

Thankfully the weaker dollar has meant prices won't quite reach the above forecasted levels. - Still bloody expensive though!


lryton
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2011-07-27 15:24:41

vickers209
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2011-08-03 09:58:43

Oil lower on US economy worries

 

http://www.rte.ie/news/2011/0803/oil-business.html


jonnybangbang
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2011-08-03 13:29:27

it dropped by 39cents on the barrel. woo hoo. No recession around here.  :)

They are also quoting WTI prices. Brent crude is not down as much but is more expensive over all. WTI Crude $92.85  Brent Crude $115.64

http://www.oil-price.net/

 

 

 


davidscullion
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2011-08-03 19:53:34

Brent now $113.04 and USD/EUR 1.4315 so surely there should be a drop at the pumps. How long til we see the change? Who knows. If it was the other way, very quickly!


coc
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2011-08-04 18:10:27

Looks like the oil bubble is popping today.  About f-ing time.


vickers209
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2011-08-04 19:53:59

oil price down to $107 a barrel now should start to see petrol and diesel fall soon


mcaul
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2011-08-05 09:11:26

I'll work out a new forecast at the weekend, but on average a net after currency calculations $10 drop in oil will result in approx 6c - 7c drop at the pumps.

But for pump price to drop, the price needs to stay where they are or go lower - too many very short price drop over the past few months that went back up with 2 days. - But this drop does look different.

Expect pump prices to start falling in about 10 days.   


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