As I predicted, we’re going to see a price drop in the near future on fuel. The way this is timing out, it’ll be mid to late July.
Matt Drudge has the story [1]:
“Saudi Arabia will propose an increase in the OPEC production ceiling of more than 2.0 million barrels per day, Saudi Arabian Oil Minister Ali al-Naimi said in a statement on Friday.
Saudi Arabia had already allocated about 9.0 million barrels per day to its customers from June, he said before an informal meeting of OPEC ministers here on Saturday.”
Update:
Lessee, here…. markets up sharply, US light crude down by around 0.80/barrel… All in line.