Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

What determines fuel prices?

Wholesale fuel prices govern the price you pay for petrol and diesel at the pumps. Wholesale prices are influenced by a range of factors, including supply, demand, and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

The oil market is trading slightly lower this week, compared to last week. At the start of the week, oil prices remained steady. This was due to a mix of factors: optimism about stronger demand from China’s improved factory activity was balanced by concerns that the U.S. Federal Reserve might hold off on cutting interest rates in its upcoming December meeting.

The Chinese Economy

China’s factory activity grew at the fastest rate in five months this November, driven by a strong increase in new orders, including international demand. This growth boosted production levels and raised manufacturers’ confidence to an eight-month high, according to a private-sector survey released on Monday.
Increased factory activity in China signals stronger economic growth and higher industrial output. As one of the world’s largest oil consumers, China plays a critical role in shaping global oil demand. Weak economic growth in China can limit industrial activity, transportation, and manufacturing—all key drivers of oil consumption – while a strong recovery in China could boost global oil demand. Additionally, the optimism among manufacturers suggests sustained or growing demand, which can further support fuel prices as traders anticipate a steady or rising need for energy in the future.

Federal Reserve eyes interest rate cuts

However, this optimism is tempered by news that the Atlanta Federal Reserve President, Raphael Bostic, has an open mind about cutting interest rates again at its December meeting, with data on jobs important in shaping the decision. Higher interest rates increase the cost of borrowing, which can slow economic activity and dampen demand for oil.

Ongoing geopolitical tension

Geopolitical uncertainties also continue to influence oil prices. Although a ceasefire between Israel and Hezbollah began last Wednesday, it remains fragile, and doubts about its stability have emerged. Meanwhile, heightened tensions in the Middle East, including a new rebel offensive in Syria that risks involving multiple oil-producing nations, continue to support oil prices. South Korea’s political unrest also adds to the global risk environment.

OPEC+ – supply and demand

Oil prices fell on Thursday and Friday as investors weighed a supply surplus forecast for 2025. Despite OPEC+’s decision to delay planned output increases until April 2025 and extend deep production cuts through the end of 2026, analysts still expect an oversupply. With the OPEC+ decision now settled, the market remains concerned about weak demand and increasing production from non-OPEC+ countries, which continues to pressure oil prices.

Supply, demand and other factors: 

• While geopolitical tensions can cause market uncertainty – especially in oil-producing regions such as the Middle East and Russia – global economic performance can also slow demand and impact prices. 
• Oil is traded in U.S. dollars, so fluctuations in the dollar’s value impact oil prices. A stronger dollar makes oil more expensive for other currencies, potentially lowering demand. 
• Seasonal factors like winter heating demand in the Northern Hemisphere can also increase oil consumption and pricing. 

Next week’s fuel prices

We predict the market will likely trade lower going into next week. With the OPEC+ decision out of the way, the market is still left with a sluggish demand outlook and rising non-OPEC+ production, along with uncertainty around geopolitical and global economic influences.

Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

What determines fuel prices?

Wholesale fuel prices govern the price you pay for petrol and diesel at the pumps. Wholesale prices are influenced by a range of factors, including supply, demand, and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

Oil prices are slightly lower in comparison to last week. 

Geopolitical tensions and the impact on fuel prices: 

Prices started the week higher due to renewed concerns about the Ukraine conflict, as tensions escalated in the region. 

Tensions in Eastern Europe continue to unsettle markets, especially given Russia’s role  as a major oil exporter. Any escalation could disrupt energy supplies and increase prices.

However, midweek developments saw a slight reduction in prices. Israel and Hezbollah agreed to a 60-day ceasefire that began at 4 a.m. local time today. This truce follows significant damage inflicted by Israel on the Iranian-backed Hezbollah militia. While the ceasefire initially reduced geopolitical risks, oil prices rose slightly after reports of a potential violation of the truce. Israeli military tanks fired into southern Lebanon, claiming that suspicious vehicles and individuals had entered the border zone. 

Ceasefires in volatile regions temporarily ease concerns, but violations or renewed fighting can quickly reverse market sentiment.

OPEC+ Meeting Postponement and Its Impact:

Another key factor influencing the market is the upcoming OPEC+ meeting, originally scheduled for December 1 but postponed to December 5. 

Russia, Saudi Arabia, and other OPEC+ members have been holding discussions over potential changes to oil production. There is speculation that OPEC+ might announce deeper production cuts or extend existing ones to stabilise prices. Any decision to limit supply further would likely push prices higher in the coming weeks. 

Supply, demand and other factors: 

• While geopolitical tensions can cause market uncertainty – especially in oil-producing regions such as the Middle East and Russia – global economic performance can also slow demand and impact prices. 
• Oil is traded in U.S. dollars, so fluctuations in the dollar’s value impact oil prices. A stronger dollar makes oil more expensive for other currencies, potentially lowering demand. 
• Seasonal factors like winter heating demand in the Northern Hemisphere can also increase oil consumption and pricing. 

Next week’s fuel prices

We predict that fuel prices will rise slightly next week, as markets prepare for the OPEC+ meeting and react to uncertainties surrounding the Israel-Hezbollah ceasefire. The combination of potential production cuts, seasonal demand increases, and geopolitical factors could create upward pressure on prices.

Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

What determines fuel prices?

Wholesale fuel prices govern the price you pay for petrol and diesel at the pumps. Wholesale prices are influenced by a range of factors, including supply, demand, and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

Fuel prices are currently higher than this time last week.

At the start of the week, oil prices were relatively steady. However, as the week went on, prices began to rise due to escalating tensions between Russia and Ukraine. 

On Tuesday, Ukraine used ATACMS missiles supplied by the US to strike Russian territory for the first time. Russia described this as a serious escalation by the West, with Russian President Vladimir Putin warning that the threshold for a possible nuclear strike had been lowered. 

By midweek, oil prices had climbed nearly 2% as the conflict intensified. Both countries launched missile attacks, raising concerns about potential disruptions to global oil supplies if the situation worsens. On Thursday, Putin announced that Russia had launched a hypersonic missile at a Ukrainian military target and issued a stark warning to the West. He threatened to target military installations in any country supplying weapons to Ukraine.

As the world’s second-largest oil exporter after Saudi Arabia, Russia plays a critical role in the global oil market, and any major supply disruptions could have significant impacts. These developments have shifted the market’s attention to the heightened risk of a broader escalation in the war, which could further strain global oil supplies. As a result, oil prices are expected to remain under upward pressure into next week.

While geopolitical tensions are pushing prices up, data from the American Petroleum Institute (API) and Energy Information Agency (EIA) showed higher-than-expected inventories, indicating that supply currently outpaces demand. However, this surplus has not calmed the market, due to speculation about further supply disruptions. Speculation is also mounting that OPEC+ may delay planned output increases when it meets on Dec. 1, adding further uncertainty to the market.

Next week’s fuel prices

We predict that fuel prices will rise next week, driven by the escalating war in Ukraine and concerns about potential disruptions to Russia’s energy infrastructure. The market’s attention will likely remain on OPEC+ deliberations and the unfolding geopolitical crisis. Any significant developments in these areas could amplify price volatility.

Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

What determines fuel prices?

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

Fuel prices have increased slightly compared to this time last week, due to a mix of political, economic, and market-driven factors.

Impact of the Trump Administration

At the beginning of the week, oil prices dipped following the announcement of policies by Trump’s new administration. Wall Street figures have described the administration as “unstable with a lot of noise,” with concerns that unpredictability may lead to market volatility. This volatility arises as traders respond to policy changes and potential geopolitical disruptions relating to the administration’s decisions.

The Trump administration has prioritised “energy dominance,” focusing on increasing domestic oil and gas production, expansion of drilling, and relaxing of regulations. These measures could lead to a boost in U.S. oil supply, which might push prices down if global demand does not rise to match the increased production. However, the administration’s actions on international relations, particularly with oil-producing nations, could have the opposite effect, creating supply uncertainties and driving prices higher.

China’s Role in Oil Markets

China, as one of the world’s largest oil consumers, plays a critical role in shaping global oil demand. Recently, China announced a $1.4 trillion economic stimulus package aimed at boosting its economy. However, many experts believe this effort may fall short of significantly increasing oil demand. Weak economic growth in China can limit industrial activity, transportation, and manufacturing—all key drivers of oil consumption.

China’s stimulus plan is important for oil markets because it sends a signal about the country’s economic trajectory. A strong recovery in China could boost global oil demand, while a sluggish response could dampen it. Markets are closely watching whether this stimulus will revive economic activity enough to lift oil consumption.

Current Market Trends

By the end of the week, oil prices experienced a modest rise. One key factor was the release of the American Petroleum Institute (API) report, which revealed a decline in U.S. crude oil stock by 770,000 barrels. Lower inventories often signal tighter supply, which can support higher prices. Traders are also anticipating the Department of Energy (DOE) report, expected to show an even larger drop in U.S. crude supply. A sharper-than-expected decline would reinforce concerns about supply shortages and could push prices further upward.

Middle East tensions

Global oil prices are also being influenced by geopolitical concerns. Recent tensions in the Middle East have raised fears about potential disruptions to oil production and supply routes, which could further strain global oil availability.

Next week’s fuel prices

Given these developments, we expect oil and fuel prices to continue their upward trend heading into next week.

In summary, while fuel prices have risen slightly this week, the market remains highly sensitive to political actions, economic policies, and supply dynamics.

Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

Prices per litre have risen slightly compared to the same time last week.

OPEC+ increase delayed

On Sunday, OPEC+ announced that it would extend its output cut of 2.2 million barrels per day (bpd) until January 2025. The increase was already delayed from October because of falling prices and weak demand.

A quick reminder of why this is important: The Organisation of the Petroleum Exporting Countries (OPEC) manages oil production in its member countries by setting production targets. With member countries responsible for about 40% of the world’s crude oil (and 60% of petroleum traded globally), crude oil prices trend to increas when OPEC production targets are reduced.

Middle East Tensions

Oil prices were further impacted by reports that Israeli intelligence suggested Iran is preparing to attack Israel from Iraqi territory.

If a full-scale war were to break out between Israel and Iran, the impact on global energy supplies and the transportation of oil through the Strait of Hormuz could be severe, resulting in significant increases in oil prices and potentially damaging the global economy.

The US Election

Trump’s recent election win has strengthened the U.S. dollar relative to the pound, which is adding resulting in increased oil prices in the UK. Energy markets are speculating about what Trump’s presidency means for oil and gas prices – with expectations about his policies on trade, energy production, and foreign relations adding layers of uncertainty and speculation, creating upward pressure on global oil prices.

The latest DOE reports have been released showing a larger than expected demand decrease of 1.899 million barrels per day in the US. This has caused the rise in the market to slow.

Next week’s fuel prices

With no additional supply from OPEC expected soon and a heightened risk of conflict in the Middle East, we anticipate that the market will continue to rise through the remainder of this week and likely into next week.

Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

This week, oil and fuel prices experienced fluctuations, with underlying tensions in the Middle East and OPEC+ actions driving market volatility. 

At the start of the week, oil prices dipped slightly despite escalating geopolitical risks, largely due to robust global supply levels. 

OPEC oil production plans 

OPEC+ looks likely to delay the planned increase in oil production by a month or more, due to ongoing concerns about low demand, falling prices and rising supply. The group was scheduled to raise output by 180,000 barrels per day in December – a delay already postponed from October. This shift came amid reports that oil prices could reach $60 per barrel by early next year if geopolitical tensions continue.

Middle East tensions 

As the week progressed, oil prices rose as tensions spiked.

Mid-week, oil prices rose roughly 3% following news of Iranian missile strikes on Israel, an escalation that raised fears of further disruptions. Oil prices rose further today, (Friday) after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. Such instability fuels concerns that a targeted strike on Iran’s oil infrastructure could impact Iranian oil production and export routes. 

Although markets remain wary, there has been little long-term impact on prices so far due to global oil inventories. 

Fuel duty 

In the UK, the decision to maintain the fuel duty freeze has brought a sense of stability to fuel markets, offsetting some of the concerns related to Middle East tensions. 

Next week’s fuel prices

We predict the market will continue to trade stably heading into next week.

Alarms continue to sound across Israel – and it’s expected that Israel will not hesitate to widen its military offensive to hit Iran directly. An Israeli attack on Iranian oil production or export facilities could cause significant disruption. 

The market is likely to stay stable over the coming weeks if OPEC increases production this winter as planned, which would counterbalance any immediate disruptions caused by escalating conflicts in the Middle East​. However, with a decision due from OPEC in the coming days, this is yet to be seen. 

There is also a possibility that the outcome of the US election will have an impact on oil prices, as Harris and Trump hold differing views on Iran and Russia, two major oil producers.

Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

The market has been relatively steady this week, with a slight dip compared to this time last week. 

Early in the week, oil prices fell after news broke that Israel had killed Hamas leader Yahya Sinwar. Reports say an Israeli tank struck a building in Gaza, which held several armed men, leading to rising tensions. Meanwhile, demand concerns, especially from China, continued to weigh on oil markets.

However, as the week went on, oil prices began to climb. Focus turned to the Middle East after a failed drone attack on the Israeli Prime Minister’s residence. According to Israeli state broadcaster KAN, an unnamed official shared that Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant are set to decide the timing and approach for Israel’s next steps in a Security Cabinet meeting later today.

Investors continue to await Israel’s response to a missile attack by Iran on Oct. 1, which could involve strikes on Tehran’s oil infrastructure. The U.S. reportedly obtained leaked documents detailing Israel’s plans for retaliatory actions, with President Joe Biden indicating that he is aware of the timing and details of Israel’s planned response. Iran has warned it will react “decisively” to any such moves. 

Towards the end of the week, oil prices rose by over 1% as geopolitical tensions in the Middle East—a key oil-producing region—stirred market concerns. Traders are also closely watching developments in ceasefire negotiations in Gaza. Meanwhile, Israel launched strikes on Iranian targets in Damascus, Syria. 

Fuel duty and the autumn budget 

Looking ahead, there’s growing speculation that the government may announce an increase in fuel duty next week. For context, fuel duty is a tax charged on each litre of fuel sold, and it’s a key component of the overall price at the pump. Currently, UK fuel duty is set at a flat rate per litre, and any increase would directly impact the cost of petrol and diesel across the country.

At The Fuel Store, we’re actively monitoring the potential for this duty increase, as it could affect the costs of the services we provide to you. Our goal is to help you manage any added expenses as seamlessly as possible. We’re also exploring different strategies to mitigate the impact, including options that may reduce costs or improve efficiencies across fuel-related expenses.

If an increase does occur, we’ll work closely with you to navigate the change. Rest assured that we’re committed to keeping you well-informed as soon as new details become available. In the meantime, our team remains available to answer any questions you may have.

Next week’s fuel prices

Looking ahead, we expect the market to trend slightly higher into next week.

Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

At the start of the week, oil prices rose due to ongoing concerns over the conflict in the Middle East, and the potential impact of disruptions in oil production. These geopolitical tensions initially supported higher prices as traders anticipated potential supply shocks. However, as the week progressed, several other factors combined to bring down.

The influence of OPEC’s oil market demand outlook

On Monday, OPEC revised its global oil demand growth outlook for 2024 and 2025, projecting lower demand than previously expected. China accounted for the bulk of the 2024 downgrade as OPEC reduced its growth forecast for the country, after data for the first nine months of the year showed a 3% fall in imports. Declining Chinese oil demand is attributed to the growing adoption of electric vehicles (EV), as well as slowing economic growth.

The impact of China’s economic slowdown

The Chinese economy has been facing persistent challenges and – as a major driver of global oil demand – the challenges are impacting global oil forecasts. China’s oil imports fell for the fifth consecutive month this month, signaling a slowdown in industrial activity and domestic consumption.
Additionally, China’s government stimulus measures (which were highly anticipated when first announced) have failed to inspire confidence among investors, leading to concerns over sustained low demand growth. This has further dampened oil prices, overshadowing market fears about potential supply disruptions from the Middle East.

Ongoing tensions in the Middle East

Concerns over the possibility of Israeli retaliation against Iran’s October 1 missile attack briefly saw oil prices rise. However, these fears did not materialise into immediate supply disruptions. With tensions ongoing, traders were watching the situation very closely – with particular focus on potential Israeli attacks on Iranian oil infrastructure, and military reinforcements from the US (an effort to stabilise the region, calming some of the immediate fears of a broader conflict). Biden has publicly opposed an Israeli strike on Iran’s nuclear and energy infrastructure, which, if carried out, could have major implications for global oil supply and push prices higher.

By the end of the week, geopolitical fears had eased somewhat, reducing upward pressure on prices.

Other market pressures

Another factor contributing to the market’s downward trend is the global shift toward cleaner energy sources. As countries, including China, implement policies to reduce reliance on fossil fuels and promote renewable energy, the demand for oil continues to face long-term pressure.
The U.S. dollar hit a nine-week high on Monday. A stronger dollar makes oil, which is priced in U.S. dollars, more expensive for international buyers using other currencies. This tends to lower global oil demand, further pushing prices down.

At the same time, U.S. crude oil stockpiles were expected to have risen last week, according to a preliminary Reuters poll, while distillate and gasoline inventories likely fell. These shifts in stockpile data provide insights into supply and demand – particularly as winter approaches and demand for oil typically increases – and are being closely monitored by traders.

Next week’s fuel prices

In summary, this week’s initial price spike due to geopolitical tensions has now eased, following the release of updated economic forecasts from the International Energy Agency (IEA) and OPEC, pushing prices back down.

Looking ahead, it is expected that the market will stabilise going into next week. Continued monitoring of the Middle East and Chinese demand will remain crucial. 

Prices have risen this week, compared to the same time last week. Prices fluctuated throughout the week, with volatility driven, once again, by a combination of geopolitical events, economic concerns, and weather-related events.

With prices higher than last week, Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

What determines fuel prices?

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week.

Middle-East tensions cause prices to rise

The week began with a significant rise in oil prices. Escalating tensions in the Middle East pushed the price of a barrel above $80 for the first time since August. There is growing concern that the conflict may continue to escalate – not only putting Iran’s oil production at risk – but creating further disruptions to regional supply.

Historically, geopolitical crises in oil-producing regions, particularly in the Middle East, tend to push prices upward as markets anticipate supply disruptions or heightened risks in transportation routes like the Strait of Hormuz.

Prices fall due to concerns over the Chinese economy

Mid-week, prices experienced a pullback due to renewed concerns over the health of China’s economy, the world’s second-largest consumer of oil. Despite recent speculation about Beijing introducing a major economic stimulus package, the absence of any substantial spending commitments led to disappointment among traders.

China’s economy is a key driver of global oil demand, and any indication of slowing growth or weaker economic policy initiatives can quickly reverse market sentiment.

Hurricane Milton impacts demand

By Thursday, prices stabilised and edged higher. Hurricane Milton, the fifth-most-intense Atlantic hurricane on record, caused widespread disruption in Florida. Around 25% of the fuel stations in the state ran out of gasoline, creating a sudden spike in demand for crude oil which pushed prices higher. Speculation of a fall in demand across the state in the aftermath further fuelled volatility.

Weather-related supply chain interruptions often lead to short-term spikes in fuel prices, as seen in this case.

Next week’s fuel prices

Looking ahead, we predict that prices will continue to rise next week. This is due to ongoing geopolitical concerns in the Middle East. Despite no immediate military retaliation from Israel as some had expected, the threat of escalation remains. Israeli Defense Minister Yoav Gallant has stated that the decision on a potential attack on Iran will rest with Prime Minister Benjamin Netanyahu and another member of the Security Cabinet, which leaves the market on edge. News breaking today (11th Oct) states that Gulf states are lobbying Washington to stop Israel from attacking Iran’s oil sites because they are concerned their own oil facilities could come under fire. Traders often respond preemptively to such geopolitical risks, fearing potential supply disruptions that could arise if the conflict spreads or intensifies.

In summary, this week’s market movement highlights the sensitivity of oil prices to a variety of external factors, from geopolitical tensions and economic data to natural disasters. While prices have fluctuated, the general trend remains upward, driven by fears of escalating conflicts and supply chain disruptions. These factors, along with underlying concerns about global economic health, suggest that volatility will persist in the coming weeks.