Here's what I have for this week's price changes. This week, prices will be adjusted at midnight tonight as a result of the Canada Day holiday.
So really, consumers and the media get this notice just ahead of the price change itself!
Here's what I have for this week:
Heating and stove oils to drop by 27/100ths of a cent a litre.
Diesel to drop by 3/10ths and...
Gasoline to drop at midnight by 1.4 cents a litre.
potential deal with Greece over it's debt may be at hand, and that
helped to support oil prices in today's trading. Oil traded just
slightly lower on the fact that there was a potential up to notice-time,
of a Greek default on debt payments. Most European markets, while still
down today, were more or less after insulating themselves from that
possibility as a result of Greece's last troubles back in 2008-09.
the meantime, there could be some more troubles with Brent prices. This
time, news out of Antwerp is telling of steady builds in overall Brent
inventories that may put those oil prices at risk of slipping. Capacity
in Europe for oil storage is also starting to show issues in other major
European regions as well as overall crude oil inventories keep
climbing. In the meantime, oil in floating storage in the Arabian Gulf
and centres close-by, show another climb, with oil inventories hitting
183.7 million barrels.
Closer to home, in the US, we could be
witness to a bear awakening as US rig counts surprised everyone with the
addition of TWO rigs to add to the weekly rig count. That's the first
increase in the number of operable rigs in the US since December, 2014
when oil prices initially collapsed! Seems that cheaper operational
costs may be factors in bringing some rigs back to life, but could also
be a straw that broke the Saudi back spurring them to add production to
stem the flow of US oil.
We'll see what happens there!
That's it from me this week!