Refueling. Can we expect an increase in fuel prices?

Reflex analysts pointed out that in response to the growth fuel prices on the European ARA market, with a slight weakening of the zloty against the dollar, the week ends with increases in wholesale gasoline and diesel prices. At the same time, they emphasized that the changes recorded during the week on the wholesale market “had not been translated into the retail market”.

“The average level of prices at stations is slightly lower than a week ago, and possible increases can be observed in the coming days. Increases of up to 0.10 PLN per liter may apply to both petrol and diesel oil” – predict analysts. As they indicated, the average prices are currently: for unleaded petrol PLN 95 – PLN 6.48 / l (a decrease by PLN 0.1 / l compared to last Thursday), unleaded petrol PLN 98 – PLN 7.06 / l (also a decrease by PLN 0.1 / l), diesel oil PLN 6.24 / l (the price has not changed), autogas – PLN 2.81 / l (a decrease by PLN 0.3 / l). Refleks experts noticed that the prices of the September series of contracts for Brent crude oil remained in the region of USD 80.50. per barrel. Over the week, Brent crude oil went up less than $1. per barrel. “We observe greater dynamics of changes in the case of finished fuels. Gasoline is more expensive than USD 55/t, and diesel oil by more than USD 25/t” – they informed.

News of a 3.1 million barrel drop in Russian oil shipments in the four weeks to July 16 hit the oil market on Wednesday, ahead of the release of the latest report on Russian oil inventories. USA. This is the lowest level of deliveries in 6 months,” the experts noted. “According to EIA, EIA distillate shipments increased by 13,000 barrels (an increase of 1.0 million barrels was expected). On the other hand, EIA crude inventories fell by 708,000 barrels (a decline of 2.5 million barrels was expected). Gasoline inventories also fell less than expected, i.e. by 1.07 million barrels, according to Refleks analysts, indicating that the report shows that crude oil inventories as of July 14 were 1.1 percent above the 5-year seasonal average, and gasoline inventories were 7.6 percent lower than the 5-year seasonal average. They added that distillate inventories were 14.3 percent lower than the 5-year seasonal average. The commentary noted that crude oil production remained unchanged at 12.3 million barrels per day and remains below the February 2020 record of 13.1 million barrels per day.