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

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

Postby 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:
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Re: $2.679 here...how low will it go?

Postby Indaswamp » Tue Apr 21, 2020 9:28 am

Rat Creek wrote: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:

Saudis trying to crush Shale oil amid an unprecedented 8 sigma decline in oil demand......were are definitely in crazy land.
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Re: $2.679 here...how low will it go?

Postby Indaswamp » Tue Apr 21, 2020 9:31 am

One trader yesterday tweeted:

“WTI just happened?”
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Re: $2.679 here...how low will it go?

Postby 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: :lol3: :lol3: :lol3:
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Re: $2.679 here...how low will it go?

Postby 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:
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Re: $2.679 here...how low will it go?

Postby 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? :huh:

That's what the US oil reserve is....it can hold 75 million gallons....
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Re: $2.679 here...how low will it go?

Postby 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
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Re: $2.679 here...how low will it go?

Postby 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. :lol3:

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

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

Image
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Re: $2.679 here...how low will it go?

Postby 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. :thumbsup: :thumbsup: :thumbsup:
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Re: $2.679 here...how low will it go?

Postby 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.
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Re: $2.679 here...how low will it go?

Postby 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:
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Re: $2.679 here...how low will it go?

Postby Indaswamp » Wed Apr 22, 2020 6:52 pm

$1.19 @ Costco here in town today...
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Re: $2.679 here...how low will it go?

Postby 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. :thumbsup: Giving it some serious thought. :thumbsup:
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Re: $2.679 here...how low will it go?

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

$1.27 in West Central Missouri yesterday. :thumbsup:
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Re: $2.679 here...how low will it go?

Postby 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
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Re: $2.679 here...how low will it go?

Postby 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.
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Re: $2.679 here...how low will it go?

Postby Indaswamp » Mon Apr 27, 2020 6:32 am

June WTI Futures down to $13.38. Could go negative like May as storage reaches capacity.
The Cajun 7 Course Meal; 1 lb. of boudin and a six pack of Abita beer.

Save the Marsh, Eat a Nutria!

Never fart in your waders, it'll give you WORTS.
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Re: $2.679 here...how low will it go?

Postby kahunna » Mon Apr 27, 2020 8:20 am

Meanwhile, in my area of Virginia, regular is still holed up at $1.40. :mad:
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Re: $2.679 here...how low will it go?

Postby SpinnerMan » Mon Apr 27, 2020 9:00 am

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

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

Postby 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.
The Cajun 7 Course Meal; 1 lb. of boudin and a six pack of Abita beer.

Save the Marsh, Eat a Nutria!

Never fart in your waders, it'll give you WORTS.
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Re: $2.679 here...how low will it go?

Postby 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..
The Cajun 7 Course Meal; 1 lb. of boudin and a six pack of Abita beer.

Save the Marsh, Eat a Nutria!

Never fart in your waders, it'll give you WORTS.
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Re: $2.679 here...how low will it go?

Postby OGblackcloud » Mon Apr 27, 2020 12:55 pm

2.17 premium today
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Re: $2.679 here...how low will it go?

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

OGblackcloud wrote:2.17 premium today

:no:

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 :thumbsup:
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Re: $2.679 here...how low will it go?

Postby OGblackcloud » Tue Apr 28, 2020 6:07 am

:rolleyes: Its not my fault
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