Oil Slick Stuff

[nnuut]

Going DOWN is GOOD, oil not so SLICK this morning BUT how long will it drop?

 

[tsptalk]

Oil trying to stabilize after briefly falling below $100.

 

[nasa1974]

Two weeks ago, we were averaging $4.09/gal. here on the Northcoast. Early last week some stations fell below $4.00. Now the average is $4.19.

 

[tsptalk]

Oil prices slide as Biden announces largest-ever Strategic Petroleum Reserve release

The White House on Thursday announced the largest ever Strategic Petroleum Reserve release.

The move comes as the Biden administration seeks to tackle surging oil and gas prices.

In a research note Thursday, Goldman Sachs commodity analysts said the SPR release would help the oil market toward rebalancing in 2022, but would not resolve its structural deficit.

https://www.cnbc.com/2022/03/31/oil-markets-us-strategic-petroleum-reserve.html

 

[nnuut]

What will happen when we use all of our emergency oil supply?

 

[tsptalk]

Oil futures are trading over $120 right now. Part of the reason that markets are cranky today.

 

[Bullitt]

Did prices crash this thread? :cheesy: Haven't seen an update in a few days.

Comedy of errors resulting in higher prices, yet consumer demand is strong. After forced shutdowns - yes, they were forced - people need to get out no matter what the price at the pump. Couple that with most everyone back to spending an hour in the car on the daily commute - yup, it all adds up.

 

[nasa1974]

Gas was averaging $5.09 this past week with some stations at $5.19 or better. Saw stations today under $5.00 today.

 

[Bullitt]

We'd be over $5 here, but NY gave a gas tax that knocked prices down almost 50 cents overnight. That lasted maybe three days.

 

[nnuut]

[h=1]Biden Just Changed the Type of Gasoline We Can Buy and I'm Mad as Hell[/h]

 

[rangerray]

[h=1]Biden Just Changed the Type of Gasoline We Can Buy and I'm Mad as Hell[/h]

Nothing I have is designed to safely run on 15% ethanol—not my Jeep, car, mower, saw, trimmer, edger…

Burning our food supply for fuel, and subsidizing it, while their is a more than adequate supply of fossil fuels is foolish.


Scott Harrison
Senatobia, MS

 

[ravensfan]

As Senator John Kennedy from Louisiana once said, "[FONT=&quot]Our country was founded by geniuses, but it's being run by idiots".

[/FONT][FONT=&quot]I couldn't agree more![/FONT]

 

[nasa1974]

As Senator John Kennedy from Louisiana once said, "Our country was founded by geniuses, but it's being run by idiots".

I couldn't agree more!

I would say that pretty well sums up every administration.

 

[tsptalk]

Correction or change of direction? 200-day EMA getting tested.

 

[nnuut]

Why is this happening, VOTES?;damnit

 

[nasa1974]

Here on the Northcoast gas is averaging between $4.43 and $4.99 per gallon.

 

[TommyIV]

Oil up $5 as tight supply outweighs recession fears

Looks like the 200-day EMA was the support needed to send prices higher.

Oil prices are up more than 4% so far today.

Prices had been dropping due to a concern of lower demand in the wake of a potential recession and a jump in supply, yet indicators suggest demand is actually gaining momentum.

 

[nnuut]

And my 4Runner is sitting on empty!

 

[nasa1974]

My truck has a 36 gallon tank and I'm sitting just above a half tank. So far, I have $1.30 off per gallon from my local grocery chain and I'm allowed up to 30 gallons on that discount. Their gas is currently at $4.59/gallon. My luck is by the time I can take advantage of the 30 gallon purchase, gas will be over $5 again. Normally I wait until I get down to a quarter tank and grab 2 empty gas cans. ;damnit

 

[FireWeatherMet]

Some good news on the Oil front.

Crude is down about 20% from recent highs.
Sadly there's usually a 2-4 week delay between price drops and lowering prices at the pump (as opposed to instantaneous pump price increases as oil prices and futures go up, in the "Petroleum Cartel).
But we should start seeing some relief soon .