Seasonal charts show fuel oil gains 4% between now and Sept 30. Stock builds ahead of winter.
Prices are at a crossroads. If there is a further increase by Aug 7 I would think there won't be too much weakness for a while. Lower by Aug 7 and the top might be in.
Price retreats are common after October but that won't help for harvesttime.
Demand for Canadian heavy oil may see any uptick in the next while.
I'm leaning towards stable/higher for the next while.
DYODD
Prices are at a crossroads. If there is a further increase by Aug 7 I would think there won't be too much weakness for a while. Lower by Aug 7 and the top might be in.
Price retreats are common after October but that won't help for harvesttime.
Demand for Canadian heavy oil may see any uptick in the next while.
I'm leaning towards stable/higher for the next while.
DYODD
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