Thread: Oil Slick Stuff

$1.69 regular unleaded on the Mississippi Gulf Coast. Oil drops by 6.5% last week and gas prices are holding steady..

Originally Posted by Weather

$1.69 regular unleaded on the Mississippi Gulf Coast. Oil drops by 6.5% last week and gas prices are holding steady..

This is the way I like it!!!

EIA Petroleum Status Report

Released On 12/9/2015 10:30:00 AM For wk12/4, 2015

Economic Calendar - Bloomberg Prior Actual Crude oil inventories (weekly change) 1.2 M barrels -3.6 M barrels Gasoline (weekly change) 0.1 M barrels 0.8 M barrels Distillates (weekly change) 3.1 M barrels 5.0 M barrels

EIA Petroleum Status Report

Released On 12/16/2015 10:30:00 AM For wk12/11, 2015

Economic Calendar - Bloomberg Prior Actual Crude oil inventories (weekly change) -3.6 M barrels 4.8 M barrels Gasoline (weekly change) 0.8 M barrels 1.7 M barrels Distillates (weekly change) 5.0 M barrels 2.6 M barrels

Ouch, oil prices are going to keep going down with this glut...

Originally Posted by nnuut

EIA Petroleum Status Report

Released On 12/16/2015 10:30:00 AM For wk12/11, 2015

Economic Calendar - Bloomberg Prior Actual Crude oil inventories (weekly change) -3.6 M barrels 4.8 M barrels Gasoline (weekly change) 0.8 M barrels 1.7 M barrels Distillates (weekly change) 5.0 M barrels 2.6 M barrels

I think I'll go fill up the cars tomorrow! Averaging $1.86 a gallon in Boiled Peanut GA!

We are between $1.87 and a $1.97 in and around my normal driving area. Less than a month ago we were at $1.63.

Originally Posted by nasa1974

We are between $1.87 and a $1.97 in and around my normal driving area. Less than a month ago we were at $1.63.

Yep went up a little but I think it should continue down.
USoil.jpg

Originally Posted by nnuut

Yep went up a little but I think it should continue down.
USoil.jpg

Nnuut, can you tell the government that now would be a good time to fill the Strategic Oil Reserves. Buy at the low and not at the high to close down this short term oil glut and save it for the next shortage. It is really something that oil speculation can raise oil prices so much by speculating on a shortage. I feel the damage to the US oil production by making Fracking and Shale oil non-profitable is done. Now oversea oil producers are starting to hurt too. So Nnuut, you can create a bottom right here. By the way, I do enjoy filling my truck for less that $40.00.

You are spot on, instead they are authorizing exportation of Oil pumped in the USA which was not allowed for decades.
Are we running out of room to store more Oil?

Strategic Petroleum Reserve (United States)

From Wikipedia, the free encyclopedia

This article is about the United States Strategic Petroleum Reserve. For other countries, see global strategic petroleum reserves.
The Strategic Petroleum Reserve (SPR) is an emergency fuel storage of oil maintained by the United States Department of Energy. It is the largest emergency supply in the world with the capacity to hold up to 713.5 million barrels (113,440,000 m³).^[1]
The current inventory is displayed on the SPR's website.^[2] As of 7 August 2015, the inventory was 695.1 million barrels (110,510,000 m³). This equates to about 38 days of oil at 2013 daily US consumption levels of 18.49 million barrels per day (2,940,000 m³/d)^[3] or 71 days at 2013 daily US import levels of 9.859 million barrels per day (1,567,500 m³/d).^[4] At recent market prices ($69 a barrel as of December 2014^[5]) the SPR holds over $18.0 billion in sweet crude and approximately $25.5 billion in sour crude (assuming a $15/barrel discount for sulfur content). The total value of the crude in the SPR is approximately $43.5 billion. The price paid for the oil is $20.1 billion (an average of $28.42 per barrel).^{[6]
https://en.wikipedia.org/wiki/Strate...ited_States%29}

Looks like Oil is turning around, may have hit the bottom, if that's true it should be good for the Markets.
USoil.jpg