Oil prices increased today and low demand after the holiday. Fuel prices will probably go lower next week based on week demand numbers reported by the EIA.
Lower fuel prices have provided the country with an economic stimulus package of around a billion dollars a day since July when fuel prices hit record highs. Who’s doesn’t like having that extra money in their pocket after the fill up.
OPEC next meeting is planned for January 19 in Kuwait City where we believe they will announce further cuts in oil production. As fuel costs go lower, OPEC nations are not exactly happy. Better our pockets than theirs.