Is the latest smash hit featuring David Guetta and Justin Bieber.
2U or is it for you, higher pump prices at the petrol stations, after Hari Raya.
Bloomberg has the story, from a global point of view, why price of fuel will tank . Read below :
As if a mini-collapse in oil prices wasn’t bad enough for OPEC, the pattern in which futures contracts are trading years from now has flipped into the worst possible structure for the exporter group.
Brent and West Texas Intermediate crudes, down almost 15 percent since late May, are both trading in contango, where forward prices get higher all the way into the next decade. While it’s a structure that normally denotes weak demand for spot cargoes, the price pattern could also be bad news for the Organization of Petroleum Exporting Countries as it can sometimes tempt producers outside the group to lock in output for future years.
Saudi Arabia is among nations that have been saying for months that a re-balancing is under way in the oil market after OPEC and other producing nations agreed late last year to cut production. That view was undermined in recent weeks by data showing that combined stockpiles of crude and fuels in the U.S., still the biggest consumer, swelled by 22 million barrels. The International Energy Agency in Paris suggested Wednesday that there’s little sign 2018 will be much better.