Petrol falls 4.5c at the bowser in past week
Falling global oil prices are making it to the pump.
Last week the average retail price of a litre of unleaded fuel, averaged nationally, was 173.0-cents, down from 177.5-cents a week earlier.
The average for the past 12-months has been 189.4-cents.
The weekly data, from the Australian Institute of Petroleum, shows how prices do track (up and down) of the global price for fuel.
The blue line is the difference or margin between the crude oil price and what you pay at the pump.
These aren’t profits, specifically.
The differences ormargins between market prices or benchmarks are, as the AIP says “indicators of general trends in the petroleum market, they do not represent profits accruing to oil companies at the refining, wholesale or retail segments of the market”.
For each of those different parts of the market you’d have to take out costs to determine the actual profits at each point of the chain.
Nation’s house price to rise 1-4%, but fall in biggest two cities
House prices in Sydney and Melbourne are set to decline further in 2025, while Perth is likely to experience the strongest growth among Australia’s capital cities, according to SQM Research’s latest Boom and Bust Report.
The report forecasts average national housing prices to rise by between 1 and 4 per cent.
Here’s what that looks like.
My colleague Rachel Clayton has a great write-up of the data.
Market snapshot
ASX 200 futures: +0.3% to 8,481 points
Australian dollar: Flat at 65.00 US cents
Dow Jones: +0.9% to 44,680 points
S&P 500: +0.2% to 5,980 points
Nasdaq: +0.2% higher to 19,032 points
FTSE 100: +0.4% to 8,291 points
EuroStoxx: +0.7% to 469 points
Spot gold: -3.1% to $US2,626/ounce
Brent crude: -2.4% to $US75.55/barrel
Iron ore: +1.7% to $US101.95/tonne
Bitcoin: -2.7% to $US95,289
Prices current around 7:45am AEDT.
Live updates on the major ASX indices:
Good morning!
Hello and welcome to the ABC’s business blog, covering the markets, finance and economics.
I’m Daniel Ziffer and I’ll be with you until near the middle of the day, taking you through the kick-off of trading at 10AM AEDT.
Yesterday the ASX 200 ended with a record close of 8,417.6-points and overnight US indices all lifted – pointing to more gains today.
The blue-chip Dow Jones index jumped +0.9% to 44,680-points.
The broader S&P 500 inched +0.2% to 5,980-points.
And the tech-heavy Nasdaq was +0.2% higher to 19,032-points.
Locally our market is tipped to hit new heights, with the futures index suggesting the ASX will rise on open +0.3% to 8,481-points.
Stick with me, a lot to get through today.
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