While working on our 2015 Business Outlook piece for the January issue, I contacted Roger McKnight, Canada’s top authority on fuel pricing, to find out where he sees prices going in 2015.
Roger is chief petroleum analyst with En-Pro International and is often quoted in the media as an expert on fuel prices.
He told me he expects crude oil prices to remain low for the next six months before beginning a rapid climb sometime around June. But while there has been some relief at the pumps, this time of year sees increased demand for home heating fuel, which puts upward pressure on supply and prevents pump prices from falling to the same extent as crude.
“This is heating oil season so demand for diesel and heating oil is much higher this time of year than in the summer,” Roger said. “That’s one reason we’re not seeing a complete match with the cost of crude.”
So, enjoy cheaper diesel prices while you can, because come June they’re likely to head back up, Roger predicts.
James Menzies is editor of Truck News magazine. He has been covering the Canadian trucking industry for more than 15 years and holds a CDL. Reach him at firstname.lastname@example.org or follow him on Twitter at @JamesMenzies. All posts by James Menzies