If you were hoping for some relief from rising fuel prices this summer, then prepare to be disappointed.
Bloomberg energy and commodities columnist Javier Blas says global investment bank Goldman Sachs is telling clients it expects for benchmark Brent crude prices to average $140 dollars US a barrel between July and September.
To make matters worse, Blas suggests that because of continued US strength and what he calls “sky-high” refining margins, consumers may experience retail fuel prices as if oil had reached $160 dollars US a barrel.
What that means for fuel prices here remains to be seen.
The PUB made an unexpected adjustment to gas and diesel prices earlier this week, increasing gas prices by 9 cents a litre and another 10 cents for diesel. The next scheduled fuel price adjustment is set for this Thursday.
OIL MARKET: Goldman Sachs tells clients it expects Brent crude to average $140 a barrel between July and September (and because US strength and sky-high refining margins, consumers will 'experience' retail prices like if Brent has surged to ~$160 a barrel) #OOTT pic.twitter.com/2q4oxFDlIt
— Javier Blas (@JavierBlas) June 7, 2022
