$2.679 here...how low will it go?

by **Rat Creek** » Tue Apr 21, 2020 9:21 am

This is really unprecedented insanity to watch. :eek:

Quick, everyone go out and start ALL of your vehicles, movers, pumps, string trimmers, chainsaws, etc. and leave them idling. :hammer:

by **Indaswamp** » Tue Apr 21, 2020 9:28 am

Rat Creek wrote:This is really unprecedented insanity to watch.

Quick, everyone go out and start ALL of your vehicles, movers, pumps, string trimmers, chainsaws, etc. and leave them idling.

Saudis trying to crush Shale oil amid an unprecedented 8 sigma decline in oil demand......were are definitely in crazy land.

by **Indaswamp** » Tue Apr 21, 2020 9:31 am

One trader yesterday tweeted:

“WTI just happened?”

by **Indaswamp** » Tue Apr 21, 2020 9:34 am

Other notable tweets...
“If things continue like this, US oil firms are going to have to lay off some members of Congress”

and:
“Perhaps we can store all the oil in WeWork offices.”

:lol3:

by **Rat Creek** » Tue Apr 21, 2020 11:34 am

Is there such a thing as reverse fracking where you put the oil back below ground or in abandoned oil well that long ago went dry? :huh:

by **Indaswamp** » Tue Apr 21, 2020 12:19 pm

Rat Creek wrote:Is there such a thing as reverse fracking where you put the oil back below ground or in abandoned oil well that long ago went dry?

That's what the US oil reserve is....it can hold 75 million gallons....

by **Indaswamp** » Tue Apr 21, 2020 12:27 pm

And now June WTI Futures contracts plunge to $6.5/barrel.....down 65% on the day....July is down 30% to $18/barrel

"Yesterday Was Scary, Today Is A Lot More Scary": Black Gold Bloodbath As 'Paper' Oil Plunges Everywhere

by **Indaswamp** » Tue Apr 21, 2020 5:25 pm

SpinnerMan wrote:If the market closes at a negative, I wonder what the reporting will be? Currently it's down 200% It opened at 20 and is at -20.

(Current minus Open ) / Open

(-20 - 20) / 20 = 2 (200%)

However it it closes in negative we have a version of the Y2K problem. If the price goes down, it will be a positive gain and if it goes up it will be a loss because they will divided by a negative.

We will officially be in an upside down world.

Bizzaro Land.....

https://www.zerohedge.com/markets/cme-will-allow-negative-oil-options-effective-april-22

by **Rat Creek** » Tue Apr 21, 2020 9:27 pm

by **Rat Creek** » Wed Apr 22, 2020 7:35 am

We seem to have flattened the curve (gasoline curve) in West Central Missouri which is my normal fill-up location when I need to get to Climax. :eek:

Climax Spring, MO that is. :hammer:

$1.48 today. It was only a couple of cents higher two weeks ago. Still feels like stealing to pay $1.50 for a gallon of gas and $2 for a slice of pizza.

by **kahunna** » Wed Apr 22, 2020 8:33 am

Rat Creek wrote:We seem to have flattened the curve (gasoline curve) in West Central Missouri...$1.48 today...

Yep, low $1.40's 'round here for the last week. Retailers have been settling in on price drop ranges for as long as they can (despite continuous bottoming out of crude prices/futures, padding the profits for possible tougher times in the future.

by **Rat Creek** » Wed Apr 22, 2020 8:41 am

The normal pricing practice seems to be to raise prices really fast, and drop very slowly. The exact opposite of the stock market. :sad:

by **Indaswamp** » Wed Apr 22, 2020 6:52 pm

$1.19 @ Costco here in town today...

by **Rat Creek** » Thu Apr 23, 2020 8:27 am

I told Mrs. Creek this morning that with cheap gas, we should jump in the vehicle and drive to Oklahoma to patronize the businesses that are opening this weekend.

Giving it some serious thought.

by **Rat Creek** » Fri Apr 24, 2020 7:53 am

$1.27 in West Central Missouri yesterday.

by **cluckmeister** » Fri Apr 24, 2020 3:47 pm

With my 30 cent Kroger discount, I filled the old FX4 up with .97 cent gas today

by **Tim Terrell** » Fri Apr 24, 2020 6:45 pm

Same here Cluck.
I haven't paid .97 cents for a gallon of gas in I don't know how many years now. 'Can't go anywhere, but gas sure is cheap. 'Glad I didn't just buy an EV or hybrid LOL! I filled up gas-cans for the lawn-mowers too.

by **Indaswamp** » Mon Apr 27, 2020 6:32 am

June WTI Futures down to $13.38. Could go negative like May as storage reaches capacity.

by **kahunna** » Mon Apr 27, 2020 8:20 am

Meanwhile, in my area of Virginia, regular is still holed up at $1.40. :mad:

by **SpinnerMan** » Mon Apr 27, 2020 9:00 am

kahunna wrote:Meanwhile, in my area of Virginia, regular is still holed up at $1.40.

It's because crude oil is only a fraction of the cost.

https://ww2.energy.ca.gov/almanac/transportation_data/gasoline/margins/index_cms.php
It's a little old but back in March in CA. Distribution was $1. Refineries were $0.50. Federal Excise tax is $0.18 and then there are state taxes as well. Crude oil back in March was only $.56 of the $2.95 in CA.

Even if you zero out the crude oil, you still have a lot of costs along the way.

by **Indaswamp** » Mon Apr 27, 2020 11:03 am

While the demand for gasoline has crashed, demand for diesel, and fuel oil remains strong. But for the most part (cost wise), those fractions in a barrel of oil are fixed.

by **Indaswamp** » Mon Apr 27, 2020 11:07 am

Good read..
https://www.zerohedge.com/markets/we-are-moving-end-game-27-tankers-anchored-california-hundreds-singapore-oil-industry-shuts

That storage facility in Singapore really squeezed the market. Hundreds of ships at anchor there..

by **OGblackcloud** » Mon Apr 27, 2020 12:55 pm

2.17 premium today

by **Rat Creek** » Mon Apr 27, 2020 1:04 pm

OGblackcloud wrote:2.17 premium today

So basically 80 cents per gallon tax MORE than Missouri (which is 17 cents per gallon). :eek:

Must be your save the Earff Day blend which is slightly different than the February, June, Christmas, New Years, Fall, Winter and Smoggy Day blends. :no:

Hey, you cannot have all that Big Brother Do-gooder stuff for free, you know. :rolleyes:

Drive with pride knowing that you have saved the Earff from certain destruction

by **OGblackcloud** » Tue Apr 28, 2020 6:07 am

Its not my fault

$2.679 here...how low will it go?

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