Thread: Oil Slick Stuff

My one daughter lives about 10 miles away. Gas by her is $3.14/gal and on the way home gas varied all the way up to $3.69/gal

Originally Posted by nasa1974

Probably starting the summer blend. That always makes the price go up.

Not according to oil futures traders. Today the Wall Street Journal reported that, "This month saw leveraged funds reach the shortest positioning in crude-oil futures since 2016".

There seems to be a good amount of pessimism towards China's economic recovery. If they're right, gas prices could be tamed this summer, which would also help keep prices for other items from running too high.


Source

Originally Posted by TommyIV

Not according to oil futures traders. Today the Wall Street Journal reported that, "This month saw leveraged funds reach the shortest positioning in crude-oil futures since 2016".

There seems to be a good amount of pessimism towards China's economic recovery. If they're right, gas prices could be tamed this summer, which would also help keep prices for other items from running too high.


Source

It's good that crude oil prices are dropping but once Ohio switches to summer blend by June 1st the price of gas can rise by 20 cents per gallon. That's what I was referring to. Fortunately, gas has been coming down the last few days averaging $3.35/gal.

The price of gas is all over the place. The Speedway by me jumped from $3.29 to $3.55 yesterday. Over by my daughter it's selling for $3.05. Might be worth driving 5 miles to save $.55 cents a gallon, especially when you have a 35-gallon tank.

There is currently no viable energy solution for the masses.

The most active oil-producing basin in the US is now experiencing a contraction in the number of operating rigs.

It is the largest 4-month decline since the covid lockdowns.

Keep in mind that this basin accounts for nearly 40% of all oil production in the US.

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WTI Breaks Out To New Nov Highs After OPEC Data Shows Huge Supply Shortfall

Oil prices had been coiling for a few days ahead of this data and are breaking out now after OPEC reports that global oil markets face a supply shortfall of more than 3 million barrels a day next quarter - potentially the biggest deficit in more than a decade.

https://www.zerohedge.com/energy/wti...pply-shortfall

U.S. crude oil prices top $90 a barrel for the first time since November 2022

https://www.cnbc.com/2023/09/14/us-c...mber-2022.html

Gas around me has dropped 30-40 cents a gallon in the last 36 hours.