Gasoline Charting

[Bullitt]

Looking at it from from a chart perspective, lets all hope for a break of 53 in the coming weeks.

 

[nnuut]

I really think it will be on the way up in the coming months, Oil and gas is the only hope we have and is exploding right now.The price at the pump will look better and better!

 

[Bullitt]

lets all hope for a break of 53 in the coming weeks.

53 and I vaguely remember that post. UGA at 19 today and roughly tracking DJIA.

Two charts from Dr. Ed that show Americans are getting out, driving, and living their life. I know I am.



Petroleum rebounding.

 

[nasa1974]

Interesting charts. Before Covid-19 some were saying by summer gas could be below a $1 per gallon. That didn't happen. Since I'm teleworking a tank of gas is lasting me a good 4-6 weeks.

 

[Bullitt]

Since I'm teleworking a tank of gas is lasting me a good 4-6 weeks.

I'm wondering how much gas prices will affect household budgets when people need to start going back. This whole telework concept is not going to be permanent. Promotion seekers will try to be around the office as much as possible and that will lead to office FOMO. Couple in the rat race with more money spent on gasoline and stress levels are sure to rise.

Gasoline prices are generally back to where they were.

 

[Bullitt]

Inflation? It seems to the big excuse this time around particularly for any business related to food. I listened to a few earnings calls and it was almost comical how some of these CEO's and CFO's were talking. Of note was Campbell's (CPB) claiming that they missed earnings because of inflation. Hello, you had a boon in 2020 where everyone raided the canned soup shelves to stock their bunker. This was your time to make a better product, bring new things to market, and you did not. It's more like poor management.

Yes, we're paying more for gasoline than a year to year and half ago, but the longer term picture here isn't that bad. It will be a drag on budgets that weren't used to paying for a weekly fill up, but with some workers likely to remain at least hybrid, pressure for higher pricing is limited.

The biggest threat to higher prices will be quid pro quo policies of the clean energy brigade. Like it or not, due to it's reliability, oil will be around for many years to come. Let's just hope some politician doesn't ban oil drilling all together to "save humanity."

 

[Bullitt]

ESG hasn't really worked out like some wished it would. In fact, it's only made things worse.

$GASO has now surpassed 2008's prices in June which preceded a historical collapse. At the time there were tankers sitting off the coast waiting to get into port so it was mostly a speculation thing. Oil prices rallied back then because the hot trade was commodities. Everyone thought the Chinese were going to eat the world's pork bellies and wash it down with a barrel of oil. Pension funds increased their allotments to commodities right at the top.

It's not a case of pension funds speculating on oil futures contracts this time. It's also not a case of tankers sitting off the coast waiting to get into port either.

Side note, it makes me wonder even more about bitcoin. Now that at least Fidelity has decided to offer it for retirement accounts, it's setting up for a prolonged rug pull. So yeah, history doesn't repeat, but it sometimes rhymes.

 

[Bullitt]

Cool chart for pricing perspective. Currently at $3.17 a gallon and that really isn't that bad.



https://www.wsj.com/economy/wall-street-is-hoping-100-oil-aint-what-it-used-to-be-55a1f54a

 

[tsptalk]

Cool chart for pricing perspective. Currently at $3.17 a gallon and that really isn't that bad.

I think we have a thread for this somewhere, but what are you folks paying for gas by you? It's been a long, long time since it's been $3.17 by me. We're deep in the $4's.