Posted on 11/16/2015 2:40:00 PM PST by thackney
Houston-area gasoline prices are back on the decline along with the price of oil, despite some global concerns about the reactions of terrorism in Paris and Beirut affecting markets.
Average retail prices on Monday for regular unleaded gasoline dipped by 3 cents from last week down to $1.91 for the Houston area and $1.92 for Texas as a whole, according to GasBuddy's daily survey data. In Houston, prices are 78 cents lower than the same time last year.
Nationwide, gasoline fell by 6 cents down to an average of $2.15 a gallon. The drop in gasoline costs come one week after a small spike in prices. But the price of oil fell throughout much of last week and the U.S. benchmark for oil is hovering near $41 a barrel on Monday.
Although terrorism and geopolitical concerns can affect Wall Street and oil and gas prices, early signs are pointing to subdued reactions to last week's attacks, said Gregg Laskoski, GasBuddy's senior petroleum analyst for the Northeast.
"That means Friday's events are not likely to be what drives the direction of crude oil and market fundamentals can be expected to push retail gasoline prices lower in the U.S," Laskoski said in a prepared statement. "We're already seeing that as the national average today is 6 cents lower from a week ago and wholesale prices are also significantly lower."
However, he added that some price spikes still could occur along the projected trajectory of a $2 per gallon gasoline nationwide average near the end of the year.
"While some may expect price hikes, the broader view seems to hold that despite the horrific attacks and the outrage felt globally, the financial markets have shown increasing resilience in recent years and are rarely spooked when fundamentals and infrastructure are uncompromised," Laskoski added.
Texas and 12 other states are all averaging below $2 a gallon now with South Carolina being the lowest at $1.89 a gallon. The other states are Louisiana, Oklahoma, Arkansas, Mississippi, Alabama, Missouri, Kansas, Tennessee, Virginia, New Jersey and Colorado. Ohio and Indiana are both right at $2 a gallon.
http://www.texasgasprices.com/
http://www.houstongasprices.com/
while Bush was President every time it rained hard the price of Oil skyrocketed
Big difference in global demand growing faster than supply, compared to the past year and more of supply growing faster than demand.
Landside storage around the world is full, and now tanker leasing prices have begun to soar, as ships available to store oil in are getting scarce.
With everyone pumping like crazy, there is now no choice but to refine the oil already in storage, and that is FINALLY driving pump prices down.
Diesel is still up.
there sure will be less jetfuel used as traffic between here and Europe will really decline.
What about pork bellies?
In the past year, Nationally, diesel has dropped by both more actual cost and more percentage of cost, compared to any grade of gasoline.
http://www.fuelgaugereport.com/
What about frozen orange juice?
Okay, pork belly prices have been dropping all morning, which means that everybody is waiting for it to hit rock bottom, so they can buy low. Which means that the people who own the pork belly contracts are saying, “Hey, we’re losing all our damn money, and Christmas is around the corner, and I ain’t gonna have no money to buy my son the G.I. Joe with the Kung-Fu grip! And my wife ain’t gonna make love to me if I got no money!” So they’re panicking right now, they’re screaming “SELL! SELL!” to get out before the price keeps dropping. They’re panicking out there right now, I can feel it.
did you see this one??? much much more at the link
http://ninetymilesfromtyranny.blogspot.com/2015/11/something-very-strange-is-taking-place.html
Something Very Strange Is Taking Place Off The Coast Of Galveston, TX
Having exposed the world yesterday to the 2-mile long line of tankers-full’o’crude heading from Iraq to the US, several weeks after reporting that China has run out of oil storage space we can now confirm that the global crude “in transit” glut is becoming gargantuan and is starting to have adverse consequences on the price of oil.
While the crude oil tanker backlog in Houston reaches an almost unprecedented 39 (with combined capacity of 28.4 million barrels), as The FT reports that from China to the Gulf of Mexico, the growing flotilla of stationary supertankers is evidence that the oil price crash may still have further to run, as more than 100m barrels of crude oil and heavy fuels are being held on ships at sea (as the year-long supply glut fills up available storage on land). The storage problems are so severe in fact, that traders asking ships to go slow, and that is where we see something very strange occurring off the coast near Galveston, TX.
FT reports that “the amount of oil at sea is at least double the levels of earlier this year and is equivalent to more than a day of global oil supply. The numbers of vessels has been compiled by the Financial Times from satellite tracking data and industry sources.”
The storage glut is unprecedented:
wrong link... this is the correct one!!!
http://www.zerohedge.com/news/2015-11-12/something-very-strange-taking-place-coast-galveston
Is demand down? There are many new looking ethanol tank cars parked on the Monticello, Illinois railroad museum track. Seems they are not being used to transport ethanol from ADM Decatur to the refineries right now.
No. Demand is up not down.
Make lots of propane.
Propane production and propane stocks are both up, exports up, prices down.
Shouldn’t be exporting any heating fuel.
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