This week sees oil pricing to be contingent and dependent on world affairs, more so this past week than ever it was.
Oil prices this week are starting to walk a fine line between another climb and a retreat in prices based on what's been newsworthy to report this last week. The contentious debate amongst the G-20 leadership, in particularly the currency war between China and the United States, has oil all over the place on the consumer pricing map. With the US entering the fray over the value of a fixed Chinese currency, the US Treasury Department, in it's wisdom, decided that they had beter start the copy machines a'printing in an attempt to devalue its own currency. That led investors to drop the US dollar and invest their money in commodities like gold and oil, along with other currencies like the Canadian dollar.
Not so with oil's related, refined commodities which, while showing volatility, still hasn't reflected the very modest retreat in oil prices over the past two business days.
Here's what I have so far this week, six out of seven days to report:
- Heating and stove oils show an increase of just 72/100ths of a cent.
- Diesel prices show an added half penny, and...
- Gasoline shows an added 3.3 cents a litre at the pumps for Thursday.
Almost back to $1.16 a litre in the St. John's area...
I'll be back sometime later tomorrow night with a final breakdown on the numbers, and the "guesser" for Thursday.