Price changes for Thursday, June 25, 2015

I wanted to say first off a true heartfelt "Thank you" for all the kind words. I'm looking forward to finishing my term in November and getting more time with family. I think it's them that needed a break, so, I'm going to give it to them...

The numbers for this week all point down. Go figure...I pack it in and the price of gas drops!...

I should quit more often! Here's what I have for this week's price changes:

Heating and stove oils are pointing down by 4/10ths of a cent.
Diesel is also pointing down, but by a half cent, and...
Gasoline shows a drop of 2.5 cents a litre.

The Canadian dollar remained relatively steady against the US greenback this week.

OPEC production is expected to pick up again in the coming weeks that may throw a wrench into the oil markets and potentially send some prices down lower. With Iran nuclear talks set to begin, speculators are widely expecting that Iran, if sanctions are lifted, will begin an immediate climb to an output level not seen since 2008 when sanctions were tightened. Right now, Iran is pumping out 2.8 million barrels a day, but is widely expected to hit 4 million barrels if sanctions are removed.

Libya officials are saying to expect that country to start exporting oil again shortly. Government officials predict that output there will hit 800,000 barrels a day by July in a move that could add more oil to an already over-supplied European market.

Saudi Arabian officials are saying that, if the world need arises, they can boost production capacity by between 1.5 and 2.0 million barrels a day, remarkable considering the country already put out 10.3 million a day last month.
 

I'll leave it at that for now!

My regards, and again, thanks for all your thoughts and prayers!
George Murphy,