Thursday January 08, 2009

Singapore petrol prices raised by 4 cents as crude oil prices rebound

channelnewsasia.com :

Petrol companies, Shell, ExxonMobil and Caltex, have raised pump prices by 4 Singapore cents per litre. Shell led the way at about 4.30pm on Tue [6 Jan 2009], followed by ExxonMobil and Caltex. Regular 95 petrol now costs S$1.546 per litre, while diesel stands at S$1.283 per litre. Crude oil prices hit US$50 a barrel after reports seemed to show that OPEC producers were starting to adhere to planned output cuts. Analysts suggest global tension has also shaken the market, as Israel continues its war in the Gaza Strip.

- Hope local motorists have been enjoying the lower prices while they last, like I said earlier. Given the state of the collapsing world economy, NYMEX crude oil prices are probably going nowhere fast barring a major supply shock. At the very least this should serve as a reminder to all that, despite the ongoing demand destruction and with Peak Oil nearly all but forgotten, it is still very much possible to get surprises from the supply side of things.

See also :

1. Singapore petrol prices drop by 10 cents, largest in rapid succession of cuts
2. Singapore petrol prices drop by another 5 cents as NYMEX crude oil falls to $90
3. NYMEX crude oil falls more than $100 from Jul 2008 record on US recession, OPEC production cut delay
4. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
5. NYMEX crude oil prices rebound above $50 on OPEC cuts, Russia gas dispute, Middle East conflict

(2009-01-08 18:14:00 SGT) [Energy] Permalink

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