Summary 14 October 2019
1. Unrest in Iraq and Ecuador which provided some support for higher prices with concerns about possible falls in supply.
2. Reuters noted: "Iranian media said a state-owned oil tanker was attacked in the Red Sea near Saudi Arabia.
3. Traders were also watching developments in the Middle East where Turkey launched military action against Kurdish fighters in northern Syria.
4. The secretary general head of OPEC, Mohammad Barkindo, said the oil cartel will make a decision in December on production quotas for 2020.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 0.9 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded increased 3.6 cents per litre to 136.8 cents per litre.
Sydney’s last price cycle lasted 20 days, 8 days shorter than previous cycle. Today is day 13 of the price cycle, with the average price for regular unleaded fuel in Sydney at 139.6 cents per litre (Monday morning).
The most expensive point of the current cycle was Wednesday 2 October at 163.1 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 162.0, 180.9 and 185.6 cents per litre respectively.
Over the past week, the average Mogas price rose 3.3 cents per litre with the Australian dollar rising 0.2 cents to 67.8 cents against the US dollar. With prices nearing the bottom of the current cycle in the Sydney market, average unleaded petrol prices are expected to fall to 137 cents per litre this week.
Average regular unleaded prices in Sydney should range between 137 cents per litre (at the low point of the current cycle) and 163 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 135 cents per litre and a high point of 161 cents per litre.
Premium 95 – a low point of 153 cents per litre and a high point of 181 cents per litre.
Premium 98 – a low point of 159 cents per litre and a high point of 187 cents per litre.
Sydney’s current average diesel price is 148.7 cents per litre – down 0.5 cents per litre this past week.
The current average LPG price in Sydney is 76.8 cents per litre – up 0.2 cents per litre this past 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.