Experts say wildfires in Alberta, a slowing economy and potential pressures on supply will all have an effect on gas prices as long weekend heralds the start of summer
TORONTO — Experts say shifting factors including wildfires in Alberta, a slowing economy and potential pressures on supply will all have an effect on gas prices as the long weekend heralds the start of the summer.
“It boils down to a question of supply and demand," said Roger McKnight, chief petroleum analyst at En-Pro International.On the supply side, there are some pressures, said McKnight, with U.S. inventories down, especially for heating oil, jet fuel, and diesel fuel. That means prices will likely be higher for the next couple of months, perhaps cresting US$80, he said.
Canadian crude normally trades at a discount to West Texas Intermediate, but the gap is the tightest it’s been in a while due to the fires, Gardner said. But Cieszynski thinks the government won’t be in a hurry to fill up the strategic reserve if prices start to rise too much. Much was made about an anticipated rise in demand for oil from China as its economy reopened following strict COVID-19 measures, but that increase never happened. If demand from China does bounce back, Cieszynski said that would be the “number one factor” that would drive up gas prices. But otherwise, he doesn’t foresee big swings coming.
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