Price Check in the Gas and Diesel Aisle...

[Hobo Hilton]

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.

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

 

[Hobo Hilton]

WTI Crude •	80.07	+0.58	+0.73%
Brent Crude •	83.71	+0.51	+0.61%

Saudi Arabia to extend voluntary 1 million barrel per day crude oil production cut into September

Heavyweight oil producer Saudi Arabia will extend a 1 million barrel per day crude output cut into September, the state-owned Saudi Press Agency said.

www.cnbc.com

 

[Hobo Hilton]

No "top" in sight... Up, Up, Up

WTI Crude •	81.54	+2.05	+2.58%
Brent Crude •	85.11	+1.91	+2.30%

 

[TACC]

$3.49 @ Costco in South Florida

 

[Hobo Hilton]

View attachment 8198533View attachment 8198533

 

[Hobo Hilton]

WTI Crude •	83.14	+0.32	+0.39%
Brent Crude •	86.62	+0.38	+0.44%

 

[TACC]

$3.49 @ South Florida Costco

 

[Maxwell]

Well, once again the cheap SUNOCO station raised their price. Now $3.76 for a gallon of regular.

Maxwell

 

[Hobo Hilton]

WTI Crude •	83.89	+0.97	+1.17%
Brent Crude •	87.00	+0.83	+0.96%

 

[SONIC SAAMI]

Fuel in Central Oregon is rapidly approaching five dollars a gallon for regular unleaded gasoline.
An increase of $.10 per gallon in the past seven days.

 

[Hobo Hilton]

Ticking higher by the hour

WTI Crude •	84.02	+1.10	+1.33%
Brent Crude •	87.04	+0.87

 

[Bigfatcock]

Will start scaling into a short position if oil hits $100 per barrel in the next month or so. Will probably start scaling in a short position at any price starting beginning of October.

 

[Hobo Hilton]

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.

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

 

[Bigfatcock]

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.

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

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.

 

[roostercogburn98]

4.39 a gallon for diesel on the east coast of north kackalaki today

 

[Bigfatcock]

Fuck north carolina.

 

[mi650]

3.999 here for regular.

 

[Bantam1]

It was $4.79 for regular when I left for work today at 0430. It's been going up .10 a day recently.

 

[roostercogburn98]

Fuck north carolina.

Couldn’t agree more. Once my kids are grown, I hope to see it in the rear view

 

[mi650]

It was $4.79 for regular when I left for work today at 0430. It's been going up .10 a day recently.

Where?

 

[Hobo Hilton]

 

[Hobo Hilton]

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).

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

 

[Hobo Hilton]

Back where it was mid November 2022.
Stayed low just long enough to make the CPI numbers look better.
Snug your belt, the landing won't be soft.

 

[Hobo Hilton]

WTI Crude •	82.55	+0.04	+0.05%
Brent Crude •	86.30	+0.09	+0.10%

 

[Maxwell]

US Gas Pump-Prices Surge To 10-Month-Highs | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Maxwell

 

[Hobo Hilton]

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.

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

 

[Hobo Hilton]

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%

 

[Maggot]

This time theyre breaking it off more slowly, but the thrust will be deeper.

If Joe is going to forgive student debt I wan my gas card debt forgiven.

FJB

 

[IronSkillet]

Little Johnny needed diesel, grass and weeds gonna be getting little longer in between cuts. Florida Panhandle.

 

[Hobo Hilton]

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%

 

[TmisterE]

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.

 

[TACC]

$3.36 regular at south Florida Costco

 

[Hobo Hilton]

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.

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.

 

[TmisterE]

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.

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.

 

[Hobo Hilton]

WTI Crude •	82.87	+1.24	+1.52%
Brent Crude •	86.81	+0.95	+1.11%

 

[Hobo Hilton]

"Exceeded Expectations".... Can anyone put a number or a percentage on that phrase. Who's expectations ?

U.S. Consumer Oil Demand Has Exceeded Expectations | OilPrice.com

The most recent data on oil consumption in the U.S. suggests that consumer demand has exceeded expectations while industrial demand has been somewhat disappointing

oilprice.com

 

[Maggot]

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

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?

 

[Hobo Hilton]

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?

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

 

[Hobo Hilton]

I can see $5.00 / gallon gasoline in the near future.

WTI Crude •	83.43	+1.80	+2.21%
Brent Crude •	86.86	+1.00	+1.16%

Up by the hour

WTI Crude •	83.73	+0.10	+0.12%
Brent Crude •	86.86	+1.00	+1.16%

 

[BG94591]

Chevron, Vacaville Ca. $5.39

 

[TmisterE]

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.

 

[BG94591]

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.

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.

 

[TmisterE]

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.

Idaho fuel is about a buck less than Wa. would almost be worth it to drive to Post Falls or CDA for fuel.

 

[BG94591]

I moved back to Ca in May……long story. Went with my dad to see my brother and his family in Bonney Lakes, gas was about $.50 a gallon higher in Washington than in Ca at the time.

 

[mosin46]

reg pushing $4/gal in no.cent fl.

 

[Hobo Hilton]

A higher price every hour. They forecasted this.

WTI Crude •	85.48	+1.85	+2.21%
Brent Crude •	88.46	+1.63	+1.88%

 

[Hobo Hilton]

Idaho fuel is about a buck less than Wa. would almost be worth it to drive to Post Falls or CDA for fuel.

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.

 

[Bigfatcock]

Will this finally be enough to get the recession rolling?

Dunno, but will start scaling into a short position on oil soon.

 

[Californio]

Diesel jumped .20gal this week, to 4.49, wife bought gift cards at Gagway for 2X points, will be getting .60 off a gallon when I fill up.

 

[Hobo Hilton]

Chevron, Vacaville Ca. $5.39

In that case, you will see $7 / gallon and state tax on fuel will also increase.