Quick Overview

• Canada’s sales rose 0.5% from May, and up 4.0% YoY
  

• Shanghai equities made their biggest daily gain in four months as optimism rose the Chinese authorities would implement a stimulus plan.
  

• The U.S. DOE said:
  Supplies of crude oil rose 9.4 million barrels to 305.9 million barrels -- more than expected. Supplies of gasoline fell 6.2 million barrels
  Supplies of heating oil supplies rose 600,000 barrels.
  Refinery use dropped from 85.9% to 85.7% of capacity.
  Gasoline demand fell 1.6% YoY
  Distillate demand rose 3.3% YoY.
  

• The World Meteorological Organization said the world was cooler than at least the 5 previous years during the first half of 2008.
  

• Pirates hijacked a Malaysian oil tanker carrying palm oil in the waters off Somalia. It joins ships from Japan and Thailand that have been seized recently.

• Goldman Sachs reasserted a forecast that oil prices could hit a record $149 a barrel by the end of the year as supply struggles to meet rising demand in Asia.