When the gas plays yoyo

Pierre Couture

Wednesday, September 6, 2017 14:07

UPDATE
Wednesday, September 6, 2017 18:10

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The price of gasoline has continued to play yoyo in the last hours. In Montreal, a litre of regular gasoline jumped Wednesday from 15 cents to reach 1,419 $. We have not seen for three years.

In Quebec, a different scenario awaited the drivers so that the litre of petrol was eur 1.244 $ in most of the service stations of the capital.

This third increase in the pump occur for a week in Montreal then happens to the price of refined gasoline is declining in the last two days at the stock Exchange Nymex in New York.

On Wednesday, the price of a gallon of refined gasoline (4 litres) at the loading ramp at New York finished the session down 3 centsUS, to US $1.67.

Cuts expected

“We expect to see a drop in prices over the next few days. It might be a drop of around 2 cents per litre per day”, said the analyst firm GasBuddy, Dan McTeague.

The latter also suggests that motorists have to wait a few days before going to the full while prices are expected to decrease.

According to CAA-Quebec, the realistic price for a litre of gasoline in Montreal was Wednesday, to $ 1.375 against 1,275 $ in Quebec city.

Last week, the price of gasoline had risen sharply due to the passage of hurricane Harvey in the south of the United States, including in Texas and Louisiana.

In Texas, a dozen refineries were forced to suspend their production, detaching it from 20 % refining capacity total u.s. soil.

Refiners of gold

It must be said that refiners such as Valero, which owns several refineries including one in Lévis, and Suncor (Petro-Canada) are doing a roaring trade by the time that run.

At the New York stock Exchange, the title of Valero Energy is up 23 % over the past year, while Suncor gained 12 % on the Toronto stock Exchange.

According to the site EssenceMontréal.com the average price of a litre of regular gas rose Wednesday to $ 1.34 per in Quebec.

Wednesday morning, the acquisition cost average for a litre of regular gasoline by a retailer in Québec amounted to $ 1,241 $ according to the Régie de l’énergie.

For the past year, the average margin of retail is 3.7 cents to Quebec and 10.1 cents in Montreal.

Gas prices seesawing Wednesday in Quebec

• Montreal : 1,419 $
• Quebec : eur 1.244 $
• Saguenay : 1,224 $
• Trois-Rivières : 1,214 $
• Sherbrooke : 1,214 $

Source : GasBuddy.com