Wolfbane Posted May 10, 2016 Share Posted May 10, 2016 I see Alberta has had to shut-in approximately 1 million bbls per day. Almost all of this is sold into the US market. You may want to fill up with gasoline, propane, etc., as I do not see a quick return to production and market. Quote Link to comment Share on other sites More sharing options...
oldtimer Posted May 10, 2016 Share Posted May 10, 2016 I love it. it was so bad for the market when oil went low. Now it's so bad that oil is climbing. Just as I posted back then. Wall street is perverse. It used to be just the bond market was perverse, now it's everyone. it went low because of the production glut. Now oh my or maybe your god the price is rising on short term fears. Here's the thing: You need gas when you need it. You need those other things when you need them. if you pay a few bucks more later than now? if that breaks you then you have bigger fish to fry. 1 Quote Link to comment Share on other sites More sharing options...
Wolfbane Posted May 10, 2016 Author Share Posted May 10, 2016 I love it. it was so bad for the market when oil went low. Now it's so bad that oil is climbing. Just as I posted back then. Wall street is perverse. It used to be just the bond market was perverse, now it's everyone. it went low because of the production glut. Now oh my or maybe your god the price is rising on short term fears. Here's the thing: You need gas when you need it. You need those other things when you need them. if you pay a few bucks more later than now? if that breaks you then you have bigger fish to fry. ??? Wall street has very little to say about crude oil pricing. However, Saudi Arabia does. The price of crude is driven by the currently available supply versus current demand. The current daily demand for crude oil is 92 million bbl/day world wide. The current world-wide available supply is 93.5 million bbl/day. By my math, 1 million bbls a day out of the market leaves the current daily over supply as 500,000 bbls. This is a margin of 1/2 of one percent. That said, the replacement for this shut-in oil has to be made up from either Mexican Maya Heavy Crude or heavy crude from Venezula coming into North America via Texas. One million bbls/day in North America with a daily demand of ~20 mbpd is 5%. 1 Quote Link to comment Share on other sites More sharing options...
Woofers and Tweeters Posted May 10, 2016 Share Posted May 10, 2016 I love it. it was so bad for the market when oil went low. Now it's so bad that oil is climbing. Just as I posted back then. Wall street is perverse. It used to be just the bond market was perverse, now it's everyone. it went low because of the production glut. Now oh my or maybe your god the price is rising on short term fears. Here's the thing: You need gas when you need it. You need those other things when you need them. if you pay a few bucks more later than now? if that breaks you then you have bigger fish to fry. ??? <snip> = Bigger picture than knee jerk reaction. 1 Quote Link to comment Share on other sites More sharing options...
Woofers and Tweeters Posted May 10, 2016 Share Posted May 10, 2016 Thanks for the heads up. Since there's nothing I can do about it, I don't worry. I do tend to try to fill up the car on a down swing, it's more of a mindset to maximize the nickels and dimes. Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted May 10, 2016 Share Posted May 10, 2016 Crude is down 2% this week. Quote Link to comment Share on other sites More sharing options...
RT FAN Posted May 11, 2016 Share Posted May 11, 2016 Currently trading @ $44.31 Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted May 11, 2016 Share Posted May 11, 2016 Has anyone noticed a difference at the pump? It's dropped 4 cents here this week. Our Shell stations are $1.95/gal, down from $1.99 last weekend. Quote Link to comment Share on other sites More sharing options...
Ceptorman Posted May 11, 2016 Share Posted May 11, 2016 It dropped about .10 per gal here in the past week. It's around $2.02 Quote Link to comment Share on other sites More sharing options...
Don Richard Posted May 11, 2016 Share Posted May 11, 2016 One million bbls/day in North America with a daily demand of ~20 mbpd is 5%. Enough to feed a large refinery for 1 1/2 or 2 days. Quote Link to comment Share on other sites More sharing options...
Mallette Posted May 11, 2016 Share Posted May 11, 2016 Expect it to creep up, or even jump. The oil producing countries (not counting us) have accomplished their aim of destroying much of our drilling capacity. Now it's time for profit taking. It will take years to restore what they ruined. Dave Quote Link to comment Share on other sites More sharing options...
Wolfbane Posted May 11, 2016 Author Share Posted May 11, 2016 One million bbls/day in North America with a daily demand of ~20 mbpd is 5%. Enough to feed a large refinery for 1 1/2 or 2 days. Yes, enough to supply the largest refinery in the US (Port Arthur, TX) for a couple days if it is running at capacity. Quote Link to comment Share on other sites More sharing options...
T2K Posted May 11, 2016 Share Posted May 11, 2016 I bought gas at a Chevron yesterday @ $2.16 . Today on the ride by there I noticed gas (regular-same place) was $2.26. A few hours later today I bought at a different Chevron a few miles away @ $2.13 . Florida gulf coast. I don't what's going on down here. But the flounder is good. Keith Quote Link to comment Share on other sites More sharing options...
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