Summary 11 November 2019
1. Chinese customs data showed oil imports rose 11.5% in the year to October to record highs. This demand stimulus – is forcing prices up as oil commodity traders speculate about higher economic growth in Asia.
2. Global oil prices rose to 6-week highs on Thursday on hopes for a partial US-China trade deal
3. OPEC secretary-general Mohammad Barkindo was more also optimistic on the outlook for oil demand, saying that "2020 looks like it will have upside potential".
World Crude Oil Prices
Over the previous week:
* The average crude oil price rose 1.4 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded increased 3.6 cents per litre to 133.7 cents per litre.
Sydney’s last price cycle lasted 24 days, 4 days longer than previous cycle. Today is day 17 of the price cycle, with the average price for regular unleaded fuel in Sydney at 132.8 cents per litre (Monday morning).
The most expensive point of the current cycle was Saturday 26 October at 162.5 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 161.5, 179.5 and 184.4 cents per litre respectively.
Over the past week, the average Mogas price rose 4.8 cents per litre with the Australian dollar falling 0.3 cents to 68.9 cents against the US dollar. With prices at the bottom of the current cycle and wholesale prices rising 3.6 cents per litre over the past week in the Sydney market, average unleaded petrol prices are expected to rise to 163 cents per litre over the coming week.
Average regular unleaded prices in Sydney should range between 133 cents per litre (at the low point of the current cycle) and 161 cents per litre (at the high point of the new cycle).
The average price ranges for E10, Premium 95 and Premium 98 should be as follows:
E10 – a low point of 131 cents per litre and a high point of 159 cents per litre.
Premium 95 – a low point of 148 cents per litre and a high point of 178 cents per litre.
Premium 98 – a low point of 154 cents per litre and a high point of 184 cents per litre.
Sydney’s current average diesel price is 147.9 cents per litre – down 0.3 cpl past week.
The current average LPG price in Sydney is 76.8 cents per litre – up 0.2 cents per litre on last week.
*Forecast estimates only, we recommend using the fuel search in the my nrma app to compare fuel prices in real-time.
NRMA produces a weekly fuel report to help Members be better informed on petrol prices and the fuel cycle to help with savings at the bowser. The NRMA Member exclusive my nrma app also has fuel finder functionality comparing the price of fuel in the NSW searched area.