Oil Slick Stuff

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There is this one intersection I drive past every morning that has a gas station on three of the four corners. A Sunoco, a Shell and a BP. The gas prices for 87 octane were $1.66 at Sunoco, a $1.77 at Shell and a $1.89 at BP. Why would you even stop at BP for gas at this intersection? But there were people pumping gas this morning at the BP station. :eek:
 
EIA Petroleum Status Report
Economic Calendar - Bloomberg
[TABLE="class: actual_consensus_box"]
[TR="class: actual_consensus_toprow"]
[TD]		PriorActual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 11/25/2015 10:30:00 AM For wk11/20, 2015 [/TD]

[TD="class: actual_consensus_box_numbers"]0.3 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 1.0 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]1.0 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 2.5 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-0.8 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 1.0 M barrels [/TD]
[/TD]
[/TR]
[/TABLE]
 
Oil plunges toward a 7-year low

Published: Dec 7, 2015 10:50 a.m. ET

Oil futures continued to plunge Monday, poised to mark their lowest settlement in nearly 7 years, in the aftermath of the Organization of the Petroleum Exporting Countries’s decision last week to keep crude production running at current levels.
January West Texas Intermediate crude CLF6, -4.30% dropped $1.83, or 4.6%, to $38.16 a barrel on the New York Mercantile Exchange, after suffering a loss of 4.2% last week. Prices briefly dropped below $38 in early U.S. trade.
January Brent crude LCOF6, -3.67% fell $1.56, or 3.6%, to $41.44 a barrel on London’s ICE Futures exchange. It also fell about 4.2% last week.

WTI and Brent prices haven’t settled at levels this low since February 2009, based on the most-active contracts.
On Friday, WTI crude settled 2.7% lower while Brent futures lost 1.9% after OPEC, at its meeting in Vienna, agreed to maintain a ceiling that reflects “current actual production” even as the market struggles with oversupply. The cartel’s members didn’t see the need to specify a production target, OPEC President Ibe Kachikwu said Friday.
“Unfortunately, the meeting just restates that OPEC is stuck to their strategy of protecting market share,” said Luana Siegfried, energy analyst at Raymond James. The decision “most likely will keep a lid on crude prices as the supply side of the supply/demand curve ... will remain glutted, not being totally absorbed by weak demand.”[more]
Oil plunges toward a 7-year low - MarketWatch
 
lower inflation?
more disposable money for the consumer to spend?
markets go up from here?
no rate hike, inflation to low?
 
Oil price could hit $20 as OPEC ditches quotas


Global oil prices could fall as low as $20 per barrel next year, as Opec’s decision to abandon a formal production quota exacerbates a bulging supply glut.
Speaking as the price of a barrel of Brent crude, the benchmark international contract, slipped 5.2 per cent to $40.75 in New York, the lowest since February 2009, Ole Hansen, head of commodity strategy at Saxo Bank, said it was “difficult to rule out anything”.[more]
Oil price could hit $20 as Opec ditches quotas | The Times
 
nnuut said:
Oil price could hit $20 as OPEC ditches quotas


Global oil prices could fall as low as $20 per barrel next year, as Opec’s decision to abandon a formal production quota exacerbates a bulging supply glut.
Speaking as the price of a barrel of Brent crude, the benchmark international contract, slipped 5.2 per cent to $40.75 in New York, the lowest since February 2009, Ole Hansen, head of commodity strategy at Saxo Bank, said it was “difficult to rule out anything”.[more]
Oil price could hit $20 as Opec ditches quotas | The Times
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OPEC wants to put American shale companies out of business... I guess they like being the big boy on the block.

Too bad gas prices aren't lower... but if they get much lower, most of the price of a gallon of gas will be taxes... arggg
 
Good for main street but not SPX (energy sector)or Dow; however, it seems to me it should be good for small caps. Downside will be the loss of jobs coming out of all this.

FS
 
Cheaper transportation costs should effect the price of all transported goods. Have you seen how much a pound of Ground Beef costs now, tenderloins are out of the question.
 
nasa1974 said:
Record lows for oil and gas around here is hanging around $1.99 a gallon. What is wrong with this picture??
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We have some as low as $1.71, but too many taxes take their tolls... speaking of tolls, if the gas tax is high and supposed to be used for highways, why are more and more tolls roads, etc showing up...

Where are the tax dollars actually being spent??? too many pot holes to show them being spent on roads around here...
 
nnuut said:
Cheaper transportation costs should effect the price of all transported goods. Have you seen how much a pound of Ground Beef costs now, tenderloins are out of the question.
Click to expand...

You must be shopping at the wrong place. Inflation is at an all time low and the Fed is struggling just to get inflation to 2%


riiiiiiight
 
That couldn't be correct, because all Social Security and Government retirees are not getting a cost of living raise in 2016. That means there is no INFLATION. They must shop in stores we don't have in Georgia?
 
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