Crude oil

[shintoooo]

Is under $15/barrel as of right now. Will it go to $10?

 

[2Driver]

They can cut production but the demand is so low now It doesn't have the same effect it would in normal times.

I wonder why gas is 2.50 gallon in Phoenix?

 

[shintoooo]

I saw 2.63 yesterday in LA

 

[LazyLavey]

Still lingering around $3 in Ventura county, cept for Costco

Would be nice if the pump price reflected the same % decrease as the barrel price.. or even close for that matter

 

[LargeOrangeFont]

Still lingering around $3 in Ventura county, cept for Costco

Would be nice if the pump price reflected the same % decrease as the barrel price.. or even close for that matter

That gave me a good laugh.

 

[RitcheyRch]

Gas Prices are the Lowest in Years as Oil Prices Plummet

The coronavirus outbreak has led to a significant drop in oil and gas prices, and that has executives considering a cap on oil production until demand returns to normal.

www.newsweek.com

According to a recent report from AAA, the national average for a tank of unleaded gas and diesel fuel is $1.82 per gallon, down from last year's average of $2.83 per gallon for both unleaded gas and diesel fuel.

The lowest prices for fuel are situated in the Midwest, with Wisconsin having the lowest overall price of $1.25 per gallon, followed by Oklahoma at $1.39 per gallon, Ohio at $1.43 per gallon, and Kentucky at $1.48 per gallon.

 

[boatnam2]

I payed $3.00 this morning on the way to work, i would say everyone is at minimum rates by now. Crude ships are lined up in long beach.

 

[rivermobster]

I wonder what dJunk is up to these days...

 

[Mandelon]

Can I buy like a million gallons and resell it later? LOL

 

[Motor Boater]

I wish I had a tanker truck

 

[Shlbyntro]

Can I buy like a million gallons and resell it later? LOL

I'm pretty sure there's a whole section of wall street dedicated to trading energy futures.... have at it!

 

[stephenkatsea]

Keeping the price per barrel at a price our prior world industry leading, fracking, US companies can afford to operate at is vital. Any chance the Soviets and Saudis know that??? Duh . . . Crazy low prices at the pump are nice. But, look at the future. Where will that take our country? We led the entire world in oil. Fracking is expensive and was a major contributor to our world production. You like cheap gas for your cars and boats? Suck it up, then get ready !!!!

 

[River Dirt 2]

So why is AVgas still $4.60...!!

Not complaining..

 

[boatnam2]

Can I buy like a million gallons and resell it later? LOL

25 boats sitting in Long Beach, just buy 1 load. Think it should be close to 42 million on board.

 

[Singleton]

Filled all my cars when this started back on March 14.
They all have over 3/4 tanks. i rotate which car I drive each week to the grocery store just to make sure they all get started and ran

 

[LargeOrangeFont]

Keeping the price per barrel at a price our prior world industry leading, fracking, US companies can afford to operate at is vital. Any chance the Soviets and Saudis know that??? Duh . . . Crazy low prices at the pump are nice. But, look at the future. Where will that take our country? We led the entire world in oil. Fracking is expensive and was a major contributor to our world production. You like cheap gas for your cars and boats? Suck it up, then get ready !!!!

Also think what the price would be if they still had us over the barrel like they did in the past and we weren’t drilling and fracking. It would be $200/barrel and we’d be screwed. Now the only defense they have is to drop their pants and take some losses in profits.

Remember Sleepy Joe said he wanted to ban all that drilling and fracking malarkey anyway.

 

[Hypnautic]

Look at USO, UCO and OIL all trading at near 52 week lows.
I’ve been buying USO since it hit 4.75 and have been dca it down to $4.41. I had a good buy at $4.10 and another bid of 1000 shares at $4.00

 

[530RL]

I wonder what dJunk is up to these days...

That would actually be great data.

How busy he is on the docks is a great indicator of the overall economic health.

 

[zhandfull]

$2.28 at Costco last week when I filled up in Rancho Cucamonga.

 

[Ricks raft]

Our rural town in central cal is usually high.
Currently at $2.60. Indian station nearby is $1.95.
I believe for our oil production in this country to be profitable needs to be around $50 barrel...

 

[playdeep]

$1.19 Here in Albuquerque...

 

[PlanB]

I just paid $9.25 for race gas a few hours ago. Same as it was a few months ago. I guess we are still going to pay for the good stuff...

 

[Looking Glass]

Keeping the price per barrel at a price our prior world industry leading, fracking, US companies can afford to operate at is vital. Any chance the Soviets and Saudis know that??? Duh . . . Crazy low prices at the pump are nice. But, look at the future. Where will that take our country? We led the entire world in oil. Fracking is expensive and was a major contributor to our world production. You like cheap gas for your cars and boats? Suck it up, then get ready !!!!

I have read several sources stating that Russia for sure and the Saudi's kind of are determined to destroy the Fracking Industry and will continue picking at it until it is accomplished. They claim that the Companies in the Fracking Business, just do not have deep enough pockets to play that game. I for one will do what is necessary for in the Long Run be Energy Independent. I get sick every time I think how the Arabs had us by the Balls with our POS Politicans help. They have been reaming us for decades. I keep praying all this BS gets cleared up. Trump wins again, the GOP wins the House back then keeps the Senate and IMO Trump is going todo things that will Amaze everyone and Every Country as it will become to all= This Is how it is now, Understand!! MAGA. I keep saying try growing food in your SAND MF's. OH!!, Russia is going to feed you. LOL be very careful who you do business with.

I'll pay OUR PRICE to eliminate their game.

 

[JDKRXW]

Can I buy like a million gallons and resell it later? LOL

Actually.....you can.
You need to lease, or even better -buy- a tanker (yes, a tanker SHIP) because there are lots of them sitting around right now due to low demand.
Take the ship to Saudi Arabia to load up with #1 crude. Then find a nice safe place to park it for the next year...or til the price doubles or triples.
People actually do this.

 

[was thatguy]

This is a “double whammy” for the US.
Covid 19 shut down and oil at bleedout prices.
And the only concern shown is who has gas at the pump for a nickel cheaper than the other guy?
This is bad.

 

[farmo83]

I work in supply and trading at Chevron and the big winners of this so far have been China. They are buying as much as they can for as long as they can at low prices and saving a ton of cash. The problem for the US now is storage. Cushing is projected to max out in a few weeks. If we haven't started opening up by then the real blood bath will start. The government is auctioning off some space in the SPR for storage but its like putting a band aid on a broken leg. Replenishing our reserves Obama tapped would have been a much better use of the space and saves jobs but chuck schumer didn't see it that way.

Also every refinery in the country is going to start cutting runs or accelerating down time for maintenance and their are no margins to run. Gas prices will not stay this low for long.

 

[Sleek-Jet]

So why is AVgas still $4.60...!!

Not complaining..

Unlike car gas, most Avgas is owned by service station/airport selling it. They won't adjust the price till they get a new load. Avgas is also brewed in batches, so the bulk supplier could have a bunch sitting in the tank that used higher priced crude.

And finally, TEL is only manufactured in one plant, and I believe that plant is located in the UK of all places. The slowdown in world trade could be keeping the price high for lead.

 

[Gelcoater]

Is under $15/barrel as of right now. Will it go to $10?

View attachment 867647

Oh. What are you?
On RD time now?

Where were you’ll morning when that nutty fuck was lighting up the site with his strange foreign religious riddle speak?

 

[getoffmylawn]

$1.73 today here......

 

[NicPaus]

I wonder what dJunk is up to these days...

I was a block away earlier from his pad. Have not been there for a month. Have not seen him rolling for a minute. I have not heard much of the work at the docks but have drove by a few times. Port seems like business as usual. Drove by ports of call earlier.

 

[mjc]

1.74 in kingman

 

[rrrr]

Keeping the price per barrel at a price our prior world industry leading, fracking, US companies can afford to operate at is vital. Any chance the Soviets and Saudis know that??? Duh . . . Crazy low prices at the pump are nice. But, look at the future. Where will that take our country? We led the entire world in oil. Fracking is expensive and was a major contributor to our world production. You like cheap gas for your cars and boats? Suck it up, then get ready !!!!

If Joe Biden is elected he'll fix that cheap oil shit. He's promised to end fracking and stop the issuance of drilling leases on public land and US territorial waters.

We'll be tied up in the Middle East even further, and the Russians will have a hammer over our nuts.

Vote Democrat!

 

[copterzach]

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[copterzach]

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[RiverDave]

So is now the time to buy?

 

[shintoooo]

 

[copterzach]

So is now the time to buy?

Depends on what you are buying. We are looking at acquiring more mineral rights at the moment. Very hard to find. And tricky to navigate.


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[shintoooo]

Faster than I thought

 

[RCDave]

I feel bad for the industry. A different picture than when they were making billions when oil was over 130 a barrel. Hope these companies put away all that cash they were makin

 

[boatnam2]

Well maybe we can run all the refineries out of business, so then we can be dependent on china for fuel just like medicine, be ugly someday when shit goes sideways.

 

[Angler]

Costco in San Dimas $2.29 for regular yesterday.

 

[farmo83]

The long run outcome of this will be that the rich will get richer. Our M&A is in overdrive as we type. The big players with strong balance sheets will scoop up distressed companies for cents on the dollar and keep trucking.

Also nothing is profitable at these levels.

 

[DaBank]

So what individual oil companies are buy's right now that will weather this storm?
What ETF or fund's worth buying? Obviously oil will go back up in the future so a long term investment now would be good as long as the companies you buy stay in business.

 

[boatnam2]

what the hell, picked up a little USO,OIL, so many shares being sold not even funny.

 

[shintoooo]

 

[RCDave]

Dahm!

 

[DRYHEAT]

This is becoming painful to watch.

 

[HitIt]

Jeesus. In the 7's and the velocity is insane. Not sure what to do here. I have heard that with storage filling up there is a real possibility of it going near zero as people are going to need to pay people to take it. Cant just put the lid on a well.

edit: yeah zerohedge link but some Canadian oil is negative:

Zerohedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[hallett21]

Did crude oil just go below the price of bottled water?


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[DRYHEAT]

Holy chit!