Summary 18 November 2019
1. Oman's oil minister commentary that OPEC+ producers probably won't deepen crude output cuts at next month's meeting.
2. Increased optimism about a US-China trade deal.
3. But as an offset prices were capped by the International Energy Agency monthly report that predicted a lift in non-OPEC oil supplies in 2020.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 0.2 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded increased 3.6 cents per litre to 137.3 cents per litre.
Sydney’s last price cycle lasted 24 days, 4 days longer than previous cycle. Today is day 24 of the price cycle, with the average price for regular unleaded fuel in Sydney at 139.0 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 2.5 cents per litre with the Australian dollar falling 0.8 cents to 68.0 cents against the US dollar. With unleaded prices rising slowly and wholesale prices rising a further 3.6 cents per litre this past week in the Sydney market, average unleaded petrol prices are now expected to rise to 165 cents per litre over the coming week.
Average regular unleaded prices in Sydney should range between 165 cents per litre (at the high point of the new cycle) and 138 cents per litre (at the low point of the new cycle).
The average price ranges for E10, Premium 95 and Premium 98 should be as follows:
E10 – a high point of 163 cents per litre and a low point of 136 cents per litre.
Premium 95 – a high point of 182 cents per litre and a low point of 153 cents per litre.
Premium 98 – a high point of 188 cents per litre and a low point of 159 cents per litre.
Sydney’s current average diesel price is 147.8 cents per litre – down 0.1 cpl past week.
The current average LPG price in Sydney is 76.7 cents per litre – down 0.1 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.