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Monday, June 04, 2012

Six days in...
Numbers still down

Just a quick update for myself...

Numbers are still pointing down for Newfoundland and Labrador consumers in the wake of the slide in oil prices last week. Here's what I have so far, with one more day to go:

  • Heating and stove oils show a drop of 3.87 cents per litre.
  • Diesel shows a drop of 4.2 cents per litre, and...
  • Gasoline still down by 3.2 cents per litre.

Oil prices showed a very marginal increase today as oil showed gains in the cents per barrel. West Texas Intermediate increased to $83.98 US a barrel, while Brent crude increased to $99.02 US a barrel.

We'll take a wait and see approach to what's going to happen in the next little while with oil, but if inventory is any concern, there's a glut of oil out there. It's just not translating into some really big drops in refined commodities yet, even though numbers are down this week.

On the other side of these factors, the Canadian dollar has lost almost five cents against the US dollar over the last three and a half weeks. If we had to stay at par with the US greenback, we would be looking at a possible additional three cents a litre off all oil products.

I know...That one hurts!

Back again tomorrow night!



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