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Tuesday, June 24, 2014

Price changes for Thursday, June 26th, 2014

Hi to all,

Here's what I have for this Thursday's price changes:

Heating and stove oils add 83/100ths of a cent a litre.
Diesel fuel adds 1.7 cents a litre, and...
Gasoline adds a cent a litre.

The Canadian dollar picked up a penny against the US dollar over the past week on an increase in refined commodity prices. Oil stayed relatively steady over the past week on Iraq violence, peaking at just over $107 WTI before retreating slightly. There is still considerable worry over whether militants in Iraq will manage to take Baghdad. The concern here is a complete collapse of the present government if they do. The areas to the immediate southeast of Baghdad are responsible for about 75 percent of Iraqi exports and production.

Even then, Iraqi production and exports represents just 10% of OPEC production, and even smaller worldwide. Other areas worldwide have been showing increasing production, probably enough to offset any loss of product directly to the markets. But will it be enough to satisfy the market speculators?

I'll continue to keep an eye to things, supplying any updates or radical changes to spot pricing if necessary.

That's it for now!


George Murphy
Twitter @GeorgeMurphyMHA 

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