Posted on 10/30/2022 3:50:34 PM PDT by FarCenter
A perfect storm is taking place in the diesel market, with dwindling diesel reserves, a drought on the Mississippi River pushing more product to rail and truck, and a possible rail strike leading to a surge in prices that is expected to continue.
Diesel prices have increased by 33% for November deliveries.
“The national average price for diesel today is $5.30 per gallon and is expected to go up 15 to 20 cents in the next few weeks,” said Andy Lipow, president of Lipow Oil Associates, LLC.
Reserves for diesel this time of year have not been this low since 1951, with the greatest shortfall in the Northeast region including New York and New England.
...
Traders profit, Russia ban looms
Traders are diverting tankers away from Europe to the U.S. because the price of U.S. diesel is now higher than in Europe so they can make a larger profit. So far, two tankers have arrived and unloaded.
According to MarineTraffic, the tanker Thundercat was originally destined for the Netherlands after being loaded in the Middle East with about 650,000 barrels (the equivalent of 27 million gallons) of diesel. It went to New York. Another tanker, Proteus Jessica, loaded in the Singapore area with a similar diesel supply also headed to New York.
For regions including New England, competition with Europe for diesel supplies will intensify next year when an EU ban on Russian refined product purchases is implemented, Lipow said. Diesel exports are of particular interest with the date of February 5, 2023, when the EU sanctions on Russian refined oil products begin, said BIMCO’s chief shipping analyst Niels Rasmussen, adding that 90% of the EU’s import volumes are diesel.
“The EU must replace on average 2 million tons of diesel imports from Russia,” Rasmussen said. “In addition, the International Energy Agency has estimated that the EU’s demand for refined products will increase by 300,000-500,000 barrels per day during winter to meet heating demands.”
Zackly
“Got eggs for $1.98 at Aldi’s a few days ago.
Last week I got tomatoes for 98¢/lb.
Check out Aldi’s if they are near you.
Not all their prices are great but alot are.”
Yeah, but if we run out of diesel, you are probably not going to get eggs and tomatoes anytime soon.
I spent 2 days stocking up, just in case
“Another Dark Winter of Death! Brahhhhhahaaa!” —Go Brandon
With all the Bravo Sierra, first by Hussein Oboogaloo, followed by Prime Mistake True-dolt, then finally Presidementia XiJinBiden, Keystone XL has shipped exactly 0.0 bbl crude. This has BASLY hurt both the US and Canaduh. XiJinBiden's cancelling of all leases has also hurt the US.
I'm sure there are plenty of much better memes about these two SoBs! A pox on both their houses!
He's worried about 8 hours? On one temporary assignment before my last full time job, I worked up to 77 hours a week entering case data for a DC law firm. I did get tired after a while, and begged a couple days off, but that was from a base of working up-to-12-hour days at least 6 days a week.
"..Diesel prices have increased by 33% for November deliveries. “The national average price for diesel today is $5.30 per gallon and is expected to go up 15 to 20 cents in the next few weeks,”
said Andy Lipow, president of Lipow Oil Associates, LLC.
"Reserves for diesel this time of year have not been this low since 1951, with the greatest shortfall in the Northeast region including New York and New England."
In our capitalistic economy, what doesn't depend on a secure and adequate diesel supply ?
The current "War on Petroleum" doesn't have any alternative energy during or while going through the 'transition'.
Diesel is a petroleum distillate, and as I understand it, there hasn't been a new petroleum refinery constructed in the USA since 1971
We're in for a world of hurt due to man made politics !
Biden emptied our oil reserves, much of it going to China as kickback, he stopped the pipelines, curtailed oil production, forced oil prices through the roofs. It’s time Biden is charged with treason, as we struggle to survive a winter due to his sellout of the US.
EIA has a ton of data. US and regional diesel stocks chart here:
https://www.eia.gov/petroleum/supply/weekly/pdf/figure3.pdf
10/17 paid 2.65 at Aldi
10/24 paid 3.85 :( at Aldi
10/31 bought 10 egg laying hen chicks...
“Got eggs for $1.98 at Aldi’s a few days ago.
Last week I got tomatoes for 98¢/lb.
Check out Aldi’s if they are near you.
Not all their prices are great but alot are.”
I read in financial news that they are going out of business and closing down their stores.
“Got eggs for $1.98 at Aldi’s a few days ago.
Last week I got tomatoes for 98¢/lb.
Check out Aldi’s if they are near you.
Not all their prices are great but alot are.”
I read in financial news that they are going out of business and closing down their stores.
P.S., I did some research and it appears Aldi’s is shutting down certain stores due to burglaries, general theft, and bad performance, but are expanding in other areas of the country. There have been many rumors on the internet about their demise as a chain, but that seems to not be true, at least at this point. There have been recent selective store closings; it remains to be seen what the future moves by Aldi will be.
“Yeah, but if we run out of diesel, you are probably not going to get eggs and tomatoes anytime soon.”
Don’t know if that’s gonna happen but just in case, I stocked up major.
Could go about 6 months without going to the store. Won’t be pleasant though.
i believe biden increased the take on new leases from 12.5 to 18.75
we sure could use keystone.
Me too.
This should be an emergency situation swear in as soon as counting is done and take over house and senate immediately. By the 12th.
bttt
“if something stupid happens.”
Like a pipeline gets hacked? Colonial pipeline?
Like a railworker strike?
A refinery fire?
The dims have all kinds of tricks up their sleeves.
The Average US Household Pays 47% More For Electricity Than A Year Ago
See post #10 about petroleum exported supplies (including The Strategic National Reserve).
See Post # 39 about winter heating fuels and rising national electricity rates (+47 %) .
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