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Monday, June 16, 2014

Numbers still show prices to increase on Thursday...

Feel free to share this one around!

Update for everyone after today's market activity, all hinging on Iraq of course!

Here's what I have with six days data in:

Heating and stove oils are up by 2.32 cents a litre.
Diesel is up by 2.7 cents a litre.
Gasoline is up by 2.2 cents a litre.

I think an important thing to note here is that the markets were a little skittish about the weakness of the economic recovery, and they have good reason to be. If you look at your own disposable income, you know yourself that things are tight and have been for a while.

if there is a shut-down of Iraqi production, and oil climbs higher, traders and speculators know it's going to cause huge economic problems for everyone. That's part reason why oil prices haven't gone completely off the deep end!

I'll have the last update with final numbers tomorrow night, but what you see here now is what is most likely to occur this week in Newfoundland and Labrador.

It's situations like this in the markets that has me thanking fuel price regulation again. At least we're not getting screwed like they have been in other major centers in the country who's prices are up on "panic" alone!

Regards,

George Murphy
Twitter @GeorgeMurphyMHA

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