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Nzoner's Game Room>Gasoline over $4 coming to a pump near you because this thread is ass
Donger 08:40 AM 04-23-2007
http://www.bloomberg.com/apps/news?p...d=afOlUzd30YOo

Pretty alarmist, IMO, but possible.

Spoiler!

[Reply]
TomBarndtsTwin 10:07 AM 05-11-2022
Originally Posted by Mr. Plow:
Not looking forward to the prices I'm going to see traveling to Las Vegas next week.
Yup. We're leaving in 2 weeks to drive to Colorado, spend a week there and then drive back.

So looking forward to the gas card bill I'll get after we get back . . . . .
[Reply]
Donger 10:28 AM 05-11-2022
Originally Posted by TLO:
This is bullshit
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.
[Reply]
Coochie liquor 10:29 AM 05-11-2022
Originally Posted by GloryDayz:
Indeed. The family and I are headed to Bonaire at the end of the month and I'm SOOOOOO happy I purchased our airline tickets months back, I dodged a bullet there.
Same. Luckily we bought our Jamaica and Mexico airfare a while ago. We’ve been looking into our tix to Trinidad in 2024, and the prices are nuts. Around 2-3k current. Hope that shit goes down drastically before I have to book.
[Reply]
Donger 10:35 AM 05-11-2022
May 10 (Reuters) - Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season.

The average cost of a retail gallon of gasoline hit $4.374 early Tuesday, according to the American Automobile Association, surpassing the former record of $4.331.

Since March 30, Brent crude futures have lost 7%, but gasoline futures are up 9.4%, and hit a record on Friday of $3.7590 per gallon before selling off on Monday.

Refinery closures due to both scheduled maintenance and unplanned upsets have boosted fuel prices even as the United States and other nations have taken steps to boost worldwide crude supply. Global fuel stockpiles are dwindling as demand has rebounded to pre-pandemic levels. Supplies tightened further following the invasion of Ukraine and subsequent sanctions on Russia from the United States and allies.

The world has lost 1 million barrels of refining capacity and 1.5 million barrels of oil supply since the pandemic, estimated Mike Jennings, chief executive officer at HF Sinclair Corp in an earnings call on Monday.

"That's 2.5% of world consumption...it's a big number," said Jennings.

In the spring, refiners prioritize gasoline output ahead of warmer weather when driving picks up. But in recent weeks, they have increased distillate output to meet jet fuel and diesel demand in Europe, Latin America and the United States, as Western sanctions on Moscow curtailed Russia's exports.

"On the refinery earnings calls, they're talking about making sure they run at full steam - refinery utilization is going to stay very high throughout the year," said Gary Cunningham, director of market research at Tradition Energy.

Diesel fuel reached a record of $5.45 per gallon at the pump this week.

Still, fuel prices in the United States remain substantially lower than in other major consumers like the UK, Japan and France, where higher taxes increase the cost of fuel.

"I don't see this resolving itself until 2023 at the earliest, when more refining capacity comes online in the Middle East and Asia," said Patrick DeHaan, head of petroleum analysis at GasBuddy.

The price of U.S. crude oil, the largest input cost for refiners, has fallen nearly $20 from highs reached in March, with supplies boosted by the release of millions of crude barrels from U.S. strategic reserves and demand dented by coronavirus lockdowns in China.

However, product inventories are still falling. U.S. gasoline inventories are down 3% year-on-year to 228.6 million barrels, according to the U.S. Energy Information Administration.

The 3-2-1 crack spread , a proxy for refining margins, reached $54.34 on Monday, nearly 150% higher than at this time a year ago.

"I think that we can expect, assuming the economies stay reasonably strong, that commodity prices and, particularly prices of our products, are going to be relatively high," Jennings said.
[Reply]
Coochie liquor 10:36 AM 05-11-2022
Originally Posted by Donger:
May 10 (Reuters) - Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season.

The average cost of a retail gallon of gasoline hit $4.374 early Tuesday, according to the American Automobile Association, surpassing the former record of $4.331.

Since March 30, Brent crude futures have lost 7%, but gasoline futures are up 9.4%, and hit a record on Friday of $3.7590 per gallon before selling off on Monday.

Refinery closures due to both scheduled maintenance and unplanned upsets have boosted fuel prices even as the United States and other nations have taken steps to boost worldwide crude supply. Global fuel stockpiles are dwindling as demand has rebounded to pre-pandemic levels. Supplies tightened further following the invasion of Ukraine and subsequent sanctions on Russia from the United States and allies.

The world has lost 1 million barrels of refining capacity and 1.5 million barrels of oil supply since the pandemic, estimated Mike Jennings, chief executive officer at HF Sinclair Corp in an earnings call on Monday.

"That's 2.5% of world consumption...it's a big number," said Jennings.

In the spring, refiners prioritize gasoline output ahead of warmer weather when driving picks up. But in recent weeks, they have increased distillate output to meet jet fuel and diesel demand in Europe, Latin America and the United States, as Western sanctions on Moscow curtailed Russia's exports.

"On the refinery earnings calls, they're talking about making sure they run at full steam - refinery utilization is going to stay very high throughout the year," said Gary Cunningham, director of market research at Tradition Energy.

Diesel fuel reached a record of $5.45 per gallon at the pump this week.

Still, fuel prices in the United States remain substantially lower than in other major consumers like the UK, Japan and France, where higher taxes increase the cost of fuel.

"I don't see this resolving itself until 2023 at the earliest, when more refining capacity comes online in the Middle East and Asia," said Patrick DeHaan, head of petroleum analysis at GasBuddy.

The price of U.S. crude oil, the largest input cost for refiners, has fallen nearly $20 from highs reached in March, with supplies boosted by the release of millions of crude barrels from U.S. strategic reserves and demand dented by coronavirus lockdowns in China.

However, product inventories are still falling. U.S. gasoline inventories are down 3% year-on-year to 228.6 million barrels, according to the U.S. Energy Information Administration.

The 3-2-1 crack spread , a proxy for refining margins, reached $54.34 on Monday, nearly 150% higher than at this time a year ago.

"I think that we can expect, assuming the economies stay reasonably strong, that commodity prices and, particularly prices of our products, are going to be relatively high," Jennings said.
Let’s go ....
[Reply]
Donger 10:39 AM 05-11-2022
Originally Posted by Coochie liquor:
Let’s go ....
Let's go what?
[Reply]
Coochie liquor 10:40 AM 05-11-2022
Originally Posted by Donger:
Let's go what?
Sorry, no politics in the lounge.
[Reply]
Donger 10:41 AM 05-11-2022
Originally Posted by Coochie liquor:
Sorry, no politics in the lounge.
Oh that. Yes, if you want to discuss that in DC, I'll be happy to.
[Reply]
MarkDavis'Haircut 11:01 AM 05-11-2022
$4.60 a gallon here.

This world is hell. And completely avoidable
[Reply]
Donger 11:05 AM 05-11-2022
Originally Posted by Carr4MVP:
$4.60 a gallon here.

This world is hell. And completely avoidable
How could the present situation have been avoided?
[Reply]
Otter 11:16 AM 05-11-2022
Originally Posted by Donger:
How could the present situation have been avoided?
By question marks and :-) emojis!

?

:-)
[Reply]
Bearcat 11:19 AM 05-11-2022

via GIPHY


[Reply]
ptlyon 11:20 AM 05-11-2022
Originally Posted by Donger:
How could the present situation have been avoided?
That's bait.gif
[Reply]
MarkDavis'Haircut 11:27 AM 05-11-2022
Originally Posted by Donger:
How could the present situation have been avoided?
You know how.
[Reply]
Donger 11:43 AM 05-11-2022
Originally Posted by Carr4MVP:
You know how.
During the pandemic, demand absolutely cratered and crude dropped with it. That led to significantly reduced production. Demand has increased and supply is having issues meeting that demand. See above:

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d.

Throw in the war in Ukraine and the effects that it has had, and here we are.

I understand some people, probably including you, want to make everything about politics. And I'd be happy to discuss that in DC if you'd like. Please don't bring it in here.
[Reply]
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