Summary 17 February 2020
1. Investor concerns about the economic impact that the coronavirus outbreak would have on the global economy.
2. Outlook for global crude oil demand remains gloomy with both the International Energy Agency (IEA) and OPEC downgrading their 2020 demand forecasts
3. OPEC producers lowered their Chinese oil demand forecast by 200,000 barrels a day from the previous month.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 0.7 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded rose 0.8 cents per litre to 126.5 cents per litre.
Sydney’s last price cycle lasted 31 days, 2 days shorter than previous cycle. Today is day 3 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 158.1 cents per litre (Monday morning).
The most expensive point of the current cycle was Saturday 15 February at 159.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 158.3, 177.2 and 181.8 cents per litre respectively.
Over the past week, the average Mogas price rose 1.3 cents per litre with the Australian dollar stable at 67.2 cents against the US dollar. Average unleaded prices are starting to fall from the top of the new cycle in the Sydney market and are now expected to bottom out at 129 cents per litre in the next 2-3 weeks.
Average regular unleaded prices in Sydney should range between 128 cents per litre (at the low point of the current cycle) and 158 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 126 cents per litre and a high point of 156 cents per litre.
Premium 95 – a low point of 142 cents per litre and a high point of 175 cents per litre.
Premium 98 – a low point of 148 cents per litre and a high point of 181 cents per litre.
Sydney’s current average diesel price is 146.6 cents per litre – down 0.6 cents per litre this past week.
The current average LPG price in Sydney is 85.5 cents per litre – stable 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.