Summary 2 December 2019
1. Despite increased optimism about a US-China trade deal, oil prices are falling as investors are waiting for confirmation that a deal will be done.
2. Rising inventory stock levels in US and Asia.
3. Negative financial speculation ahead of the OPEC meeting to be held this week.
World Crude Oil Prices
Over the previous week:
* The average crude oil price rose 1.8 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded increased 0.1 cents per litre to 136.1 cents per litre.
Sydney’s last price cycle lasted 29 days, 5 days longer than previous cycle. Today is day 9 of the new price cycle, with the average price for regular unleaded fuel in Sydney at 143.7 cents per litre (Monday morning).
The most expensive point of the current cycle was Sunday 24 November at 163.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 162.5, 180.0 and 185.4 cents per litre respectively.
Over the past week, the average Mogas price fell 0.2 cents per litre with the Australian dollar falling 0.1 cents to 67.8 cents against the US dollar. Average unleaded prices are quickly falling through the current cycle in the Sydney market and are now expected to bottom out at 137 cents per litre over the next 7-10 days.
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 152 cents per litre and a high point of 180 cents per litre.
Premium 98 – a low point of 158 cents per litre and a high point of 186 cents per litre.
Sydney’s current average diesel price is 147.4 cents per litre – down 0.3 cents per litre this past week.
The current average LPG price in Sydney is 76.7 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.