Posted on 04/19/2020 7:58:47 PM PDT by MeneMeneTekelUpharsin
SINGAPORE (Reuters) - Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate of reports on weak fuel consumption and grim forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency.
The volume of oil held in U.S. storage, especially at Cushing, Oklahoma, the delivery point for the U.S. West Texas Intermediate (WTI) contract, is rising as refiners throttle back activity due to slumping demand. The front-month May WTI contract was down $2.62, or 14%, to $15.65 a barrel by 0142GMT. At one point, the contract had fallen as much as 21% to hit a low of $14.47 a barrel, the lowest since March 1999.
(Excerpt) Read more at finance.yahoo.com ...
The price at the pump (including the outrageous gas taxes where I live) should still be 30 or 40 cents lower from what I can figure.
Maybe my math sucks.
So, why is the price at the pump rising steadily?
This is a temporary a boon for the consumer. Especially the trucking industry working 24/7 to get product to the store shelves. However, it is a Disaster for US Oil Producers.
Still $2.95 in Kalifornia.
There goes the stock market.
Has the Strategic Petroleum Reserve been topped off yet?
$1.10 /gal in Arkansas today.
Told my BIL to buy it too....He didn't...
I own some RRC again....and others.
We shall see....
Yeah. And we can’t even benefit. Figures. I filled up 2 weeks ago and it barely budged. Going 6 miles round trip once a week for groceries will not do to much damage gas wise.
There were funds in the COVID-19 relief bill to help fill it, taking advantage of the low current oil prices. However, Chuck Schumer had it removed on a cloture vote in the Senate.
What are RRC? I bought Exxon last week and carnival twice in the last two weeks.
most of that is STATE taxes
Folks do not realize that a lot of wells cant be shut down.
They lose the pressure if they do.
So they pump at a loss.
WOW! $15/bbl. I never thought that would ever happen again.
Oh, that makes sense. Had make sure that there was money available for the Kennedy Center.
As I stated earlier on this thread it is a Temporary boon to the consumer. However, it is a DISASTER for US Petroleum companies.
It will Bankrupt many of the mid-sized companies that are responsible for our recent energy independence.
The Fracking boom of the last several years was driven by those companies. They were the driving force behind our energy resurgence. Not the Big Companies who move slowly, at a Glacial Pace with their Fingers in the Air.
I paid 60 cents a gallon yesterday with all my grocery store points. Been buying stuff for kids & elderly parents. Wish I had more gas cans to load up.
perhaps someone could lookup the recent
123 crack spread, and post it here.
I think it would answer a lot of questions.
my internet skills are limited.
thanks
Rocky
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