Our low price isn't just a one-time deal!
October has seen prices head up a bit as international events have stimulated buyers to hedge a bit. Expectations going ahead don't point to continued market strength. Our view of the current trend is we're bouncing around after reaching a low point earlier this summer with no clear winner showing us the way at this time. With spot prices turning up a bit in October, the chances prices will fall off soon grow. Of course, in today's uncertain international environment there may well be an event that stimulates buyers to drive up oil prices.The macroeconomic signals (big picture) suggest oil prices should remain weak in the face of declining demand.
How do our prices compare?
Massachusetts' latest monthly price survey of full-service dealers, on Wednesday, October 16 documented an average price per gallon of $2.91, with a high price of $4.60 and a low of $2.29. The average prompt-pay price for our members in Massachusetts that day was $2.62, for savings of 29 cents per gallon on average.
Rhode Island's latest weekly survey price, on Monday, October 14, was $2.65, with a high price of $3.93 and a low of $2.14 The average prompt-pay price for our members in Rhode Island that day was $2.60, for savings of 5 cents per gallon. This is the closest our average has come to the Rhode Island survey in years. This is the time of year when our margins are tested most and we wouldn't expect this to last. It may also be a statistical anomaly of the survey as it's 12 cents less than it was just two weeks earlier.
And in New Hampshire, the survey for Wednesday, October 16, was $2.80, while our average prompt-pay price there was $2.55, for a savings of 25 cents per gallon.