The Island Regulatory and Appeals Commission announced today that there will be no mid-month adjustments to petroleum prices.
In making the announcement, the Commission indicated that the current petroleum market can best be described as inventory sensitive. While the continued recovery of the Gulf of Mexico refining industry combined with the recently experienced mild weather has allowed for inventory builds, stocks of distillates in particular are still below average for this time of year. Anticipated colder weather will no doubt have a distinct effect on inventories and hence prices in the days ahead. For now, though, existing market conditions will allow Island petroleum prices to remain unchanged.
The Commission’s next scheduled price adjustment will be on December 1st.