Observers expect nickel bump in gas prices over weekend

21 hours ago 6

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After more than week of back and forth action with little resolution, gas prices may be headed for a strong bounce upward this weekend, some Canadian analysts are saying.

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Roger McKnight, chief petroleum analyst for En-Pro International Inc. is forecasting a five-cent-per-litre jump in regular prices effective at midnight, bringing average prices to about $1.629 per litre in the capital and elsewhere in Ontario, including the GTA.

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Dan McTeague, president of Canadians for Affordable Energy, sees a similar nickel bump in the capital over the weekend. McTeague’s forecast price is around $1.63 a litre.

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Both observers expect continued unpredictability for the foreseeable future, citing the confusion and tension in the Iran conflict and blockades of the crucial Strait of Hormuz.

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The confusion has had a negative effect on global crude oil inventories, leading to price hikes.

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Due to uncertainty in the U.S. involvement, there’s little agreement on a solution to the issue.

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“I would say we’re looking at very unstable pricing situation for the balance of the year,” McTeague has said.

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