Also a number of Oil traders have been buying up oil and storing in hired oil tankers. This will start to have an effect on supply/demand over the next few weeks……when the price is rising significantly higher guess who is going to ‘make a killing’
I’m fairly sure that the oil price has still been falling faster than the exchange rate, so that’s not all there is to it (why on earth can’t the news quote oil price in £ – that might not be what it’s traded in, but it’s the important figure for us). Notably the gap between UL and diesel has closed, with the former increasing in price rather more (I’m guessing it’s simply not being discounted as much as it was).
I thought there was a delayed duty increase that came into force recently….was due ages ago but coincided with record highs for oil prices..so was put on hold. Govt could have slipped it in on a manic news day ie Obama’s housemove? Ring any bells….or did I dream it all?