Well, the numbers are in for Thursday.
Here's what I have, along with a few more to note. Don't forget winter blending that may throw off diesel and heating oil numbers, and don't forget HUGE volatility may be in the numbers from heavy market activity!:
Heating and stove oils are showing a drop of 1.75 cents a litre
Diesel shows a drop of 1.2 cents a litre.
Gasoline shows a drop of six cents a litre.
This time next week should see a gas price in the high eighties in the St. John's northeast region. Enjoy!...But conserve!
Jet fuel now shows an even sixty cents a litre. On June 27th that number was 86 cents a litre. To all of you, it is really time to get upset over the fact that the airlines are still maxing out on air fuel surcharges to airline customers. It's really time they give back!
#6 fuel oil for electrical generation is also down to $47.75 a US barrel. It was pricing in at $96 US in June. That means that the rate adjustment formula should bring some drop to electricity prices here in Newfoundland and Labrador. If you don't live here, you should also see some sort of break, if you use that type of generation in the grid!
The Saudi's are having a little more competition from a fellow OPEC member, Iran. With concerns over the loss of market share, the Iranians are competing for Asian customers as they try to retain their own markets. If that keep up, look for other oil-producing nations to "join in" and drop prices to their customers.
Finally, the Canadian dollar continues to take a beating at the loss of the price of oil. We've lost almost a cent and a half against the US greenback over the last week!
That's it for now!
Regards,
George
Twitter @GeorgeMurphyMHA
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