Price Check in the Gas and Diesel Aisle...

#1,351
WASHINGTON, Aug 1 (Reuters) - The Biden administration has pulled an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve, an Energy Department spokesperson said on Tuesday, as oil prices are expected to keep rising after a output cut from Saudi Arabia.

www.reuters.com

US pulls back offer to buy 6 million barrels of oil for emergency reserve

Oil prices are expected to keep rising after a output cut from Saudi Arabia.
www.reuters.com www.reuters.com
 
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WTI Crude • 83.14 +0.32+0.39%
Brent Crude • 86.62 +0.38+0.44%
 
#1,363
Global oil demand will hit new highs and is expected to average 102.2 million barrels per day (bpd) this year, driven by summer air travel, strong Chinese petrochemical activity, and higher oil use in power generation, the International Energy Agency (IEA) said on Friday.
World oil demand is set to grow by 2.2 million bpd this year, with China accounting for more than 70% of growth, the agency said in its closely-watched Oil Market Report (OMR) for August.
The growth estimate is unchanged from last month’s report, in which the IEA cut its global oil demand growth forecast for the first time this year, due to persistent economic headwinds.

oilprice.com

IEA: Global Oil Demand Hits Record High | OilPrice.com

The IEA reported that world oil demand hit a record high in June and could break that record once again in August.
oilprice.com oilprice.com
 
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Hobo Hilton said:
Global oil demand will hit new highs and is expected to average 102.2 million barrels per day (bpd) this year, driven by summer air travel, strong Chinese petrochemical activity, and higher oil use in power generation, the International Energy Agency (IEA) said on Friday.
World oil demand is set to grow by 2.2 million bpd this year, with China accounting for more than 70% of growth, the agency said in its closely-watched Oil Market Report (OMR) for August.
The growth estimate is unchanged from last month’s report, in which the IEA cut its global oil demand growth forecast for the first time this year, due to persistent economic headwinds.

oilprice.com

IEA: Global Oil Demand Hits Record High | OilPrice.com

The IEA reported that world oil demand hit a record high in June and could break that record once again in August.
oilprice.com oilprice.com
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I don't really believe this. Just waiting for $100 per barrel to scale in to my short. Already started scaling into DRIP and SCO.

Been shorting oil in the summers for a hot minute and usually close around the beginning of the new year. One thing you can take to the bank is oil will lower during the Christmas season to keep the natives from getting restless, and to save the bottom line of retail sales.

I will keep being correct...until I'm not, lol.
 
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#1,372
Food for thought:
The United States holds 35,230,000,000 barrels of proven oil reserves as of 2016, ranking 11th in the world and accounting for about2.1% of the world's total oil reserves of 1,650,585,140,000 barrels.
The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).
The United States ranks 1st in the world for oil consumption, accounting for about 20.3% of the world's total consumption of 97,103,871 barrels per day.
The United States imports 37% of its oil consumption (7,259,000 barrels per day in 2016).

www.worldometers.info

United States Oil Reserves, Production and Consumption Statistics - Worldometer

Current and historical Reserves, Production, and Consumption of Oil in the United States. Global rank and share of world's total. Data, Statistics and Charts.
www.worldometers.info www.worldometers.info
 
#1,376
The death of the petrodollar:

In another blow to dollar dominance, India and the United Arab Emirates settled an oil trade without converting local currencies to dollars for the first time on Monday, as India’s top refiner made a payment for oil in rupees.
Indian Oil Corp. bought a million barrels of oil from Abu Dhabi National Oil Company in a dollar-free transaction.

oilprice.com

India And The UAE Close First Oil Deal In Rupees | OilPrice.com

India and the United Arab Emirates settled an oil trade without converting local currencies to dollars for the first time on Monday
oilprice.com oilprice.com
 
#1,377
Interest times... Price of WTI is increasing yet gasoline prices are not increasing as much. Someone must have some "wiggle room" to hold prices down. Must have been priced in several months ago. The squeeze is on.

WTI Crude • 82.40 +1.15+1.42%
Brent Crude • 85.76 +0.96+1.13%
1692621551962.png
 
#1,380
It was appearing oil was going to level off around $80 / barrel... Signs of the recession were showing up, interest rates were up and a few other things. But it's looking like the creep upwards will continue to squeeze the working families.

WTI Crude • 81.24 +1.14+1.42%
Brent Crude • 85.47 +1.05+1.24%



1693345600364.png
 
#1,381
I paid $5.29 for diesel this morning eastern washington, went buy the station I usually get fuel yesterday afternoon diesel was $4.99 and I told myself I'll get fuel on my way to work tomorrow price went up .30 cents overnight WTF. the gas tax here in Wa. is just out of control and no end in sight. been telling my wife for a couple years we need to get the FUCK out of the state of washington this place has turned into an absolute shithole.
 
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#1,383
TmisterE said:
I paid $5.29 for diesel this morning eastern washington, went buy the station I usually get fuel yesterday afternoon diesel was $4.99 and I told myself I'll get fuel on my way to work tomorrow price went up .30 cents overnight WTF. the gas tax here in Wa. is just out of control and no end in sight. been telling my wife for a couple years we need to get the FUCK out of the state of washington this place has turned into an absolute shithole.
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I feel your pain..
Before you jump from the frying pan into the fire... Do a lot of homework.
Seems every day there is an article of "The best state to retire to" or "The State with the lowest cost of living"...
People are migrating quickly and some nice areas are going down hill rapidly.
I have lived / worked in some of the places the articles favor. I would not let my dog live there.
 
#1,384
Hobo Hilton said:
I feel your pain..
Before you jump from the frying pan into the fire... Do a lot of homework.
Seems every day there is an article of "The best state to retire to" or "The State with the lowest cost of living"...
People are migrating quickly and some nice areas are going down hill rapidly.
I have lived / worked in some of the places the articles favor. I would not let my dog live there.
Click to expand...
I am born and raised in Wa. and from reading some of your posts like you a fifth wheel trailer was my home for many years and I worked all over the country. I finally realized damm I basically felt homeless and decided to go home. well Washington is not the home I grew up in it has turned into the most socialist liberal shithole there is, in my opinion as bad or worse than Cal. NY Ill, name a state. Seems like once a month there is a new tax or regulation, anything to take more out of my pocket. Do I think there is a wonderful place we can live out the rest of our lives in bliss, of course not no state is perfect, are there places better than this shithole I'm pretty sure of it and I think its closer to home than I realized. The taxes and gun regulations in Wa. have gone full retard, wife and I have talked a lot about this and I think we have came up with a place that will work for what we want and can make work for our golden years.
 
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#1,387
Hobo Hilton said:
It was appearing oil was going to level off around $80 / barrel... Signs of the recession were showing up, interest rates were up and a few other things. But it's looking like the creep upwards will continue to squeeze the working families.

WTI Crude • 81.24 +1.14+1.42%
Brent Crude • 85.47+1.05+1.24%



View attachment 8215524
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I reckon Lawton is blessed. I filled up with regular yesterday for $3.19. With the Sam's Club 5% rebate thats $3.05 or so.

Anyone remember when diesel was the cheap fuel?
 
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#1,388
Maggot said:
I reckon Lawton is blessed. I filled up with regular yesterday for $3.19. With the Sam's Club 5% rebate thats $3.16.

Anyone remember when diesel was the cheap fuel?
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I remember when weed killer was cheaper than diesel. I'm killin' weeds with red diesel. No sign on the pump says it's harmful to your health like the warnings on weed killer... LOL
 
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#1,391
Shit gas is $4.79 and Diesel is $5.29 in Wa. now, I expect gas to be 5.00 + and diesel 6.00 + in the next few weeks. yes when I started running diesel rigs years ago diesel was a dollar less than gas I could fill my 36 gal tank for less than $50.00 now its $175.00 + don't know why anyone would buy fuel at a chevron station, here they are always 30 to 50 cents a gallon more than anywhere else, must be some magic shit they are selling.
 
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#1,392
TmisterE said:
Shit gas is $4.79 and Diesel is $5.29 in Wa. now, I expect gas to be 5.00 + and diesel 6.00 + in the next few weeks. yes when I started running diesel rigs years ago diesel was a dollar less than gas I could fill my 36 gal tank for less than $50.00 now its $175.00 + don't know why anyone would buy fuel at a chevron station, here they are always 30 to 50 cents a gallon more than anywhere else, must be some magic shit they are selling.
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Chevron in Coeur d alene was one of the cheaper gas stations. Here it’s one of the more expensive. Costco is/was $4.96 a week ago. I have to fill up today so chances are it’ll be more.
 
#1,397
TmisterE said:
Idaho fuel is about a buck less than Wa. would almost be worth it to drive to Post Falls or CDA for fuel.
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A good observation.
"Goods and Services" vary widely by location / region. Seeing it more with food, even canned food from a long distance away.
Bought a replacement 12v pump for my weed sprayer and shipping is $30 +....
Bad enough replacement parts are sky high, it's like they are twisting the knife in our back.
 
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