Do you know what diesel fuel prices and gas prices will do? You must be a freaking genius!
Ben Brockwell, Director of Data Pricing and Information Service of OPIS says, “It’s a tough market to gauge and there’s different signals the market is sending out. I think it’s fair to say there’s an emerging consensus that we may be close to a peak price and we should start to see prices decline on gasoline, diesel fuel, finished product and even conceivably on crude oil.”
We now think that gas prices will break through there all time record highs of $4.12 from 2008 but that will not hold for long. Crude oil prices are down. Sokolis Group agrees with Brockwell that, after that, he sees prices heading back to an average $3.50, but probably not the $3 per gallon level. Roller Coaster! Your fuel saving will come and go.
The great oil experts are predicting for now that oil may be holding steady or even heading lower, into the upper $90 range for West Texas Intermediate. This makes sense at this point in the market.
Another bearish case for oil prices was made by traders after the Energy Information Administration Wednesday reported a surprise build in oil stockpiles of 9 million barrels. It was the largest weekly increase in more than three years, and more than four times what the market was expecting.
It appears on April 9th that the oil markets will continue to pull back, which is good for fuel savings for all. Of course if Iran stuff stirs some more, which Lucian Puliaresi, President of the Energy Policy Research Foundation already figures is adding $10 to each barrel of oil and 25 cents a gallon to a gallon of gas and close to that much for diesel fuel prices. Things can change quickly. Hey its fuel prices. When you think they are going up they will probably go down and if they will go up they will probably go down.