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Re: Another Oil price Record

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Re: Another Record

Unread postby Armageddon » Mon 15 Oct 2007, 10:37:01

$85.00 oil and I am still paying $2.49 for gas here in St. Louis. I don't get it.
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Re: Another Record

Unread postby MD » Mon 15 Oct 2007, 10:47:16

$this->bbcode_second_pass_quote('Armageddon', '$')85.00 oil and I am still paying $2.49 for gas here in St. Louis. I don't get it.


Part of the reason: The American consumer is tapped out. The real estate ATMs have closed and food prices have jumped dramatically.

Maybe the market no longer supports $3 gas?
Stop filling dumpsters, as much as you possibly can, and everything will get better.

Just think it through.
It's not hard to do.
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Re: Another Record

Unread postby Troyboy1208 » Mon 15 Oct 2007, 10:59:13

$this->bbcode_second_pass_quote('Armageddon', '$')85.00 oil and I am still paying $2.49 for gas here in St. Louis. I don't get it.


Maybe at 100 dollar oil we can have 2.00 dollar gas! Bring it on :)
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Re: Another Record

Unread postby dukey » Mon 15 Oct 2007, 11:04:19

Image

record ?
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Re: Another Record

Unread postby gnm » Mon 15 Oct 2007, 11:11:38

Are the refiners significantly lowering their margins? I mean really you would expect RBOB to be higher already.

-G
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Re: Another Record

Unread postby Zardoz » Mon 15 Oct 2007, 11:37:29

Barchart.com is now showing $85.30 as the high:

Image
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Re: Another Record

Unread postby Armageddon » Mon 15 Oct 2007, 12:07:25

$this->bbcode_second_pass_quote('MD', '')$this->bbcode_second_pass_quote('Armageddon', '$')85.00 oil and I am still paying $2.49 for gas here in St. Louis. I don't get it.


Part of the reason: The American consumer is tapped out. The real estate ATMs have closed and food prices have jumped dramatically.

Maybe the market no longer supports $3 gas?


I do believe this. They know if they go higher, they will collapse the economy even sooner than it is already going to. Credit cards are the only thing keeping this thing going right now.
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Re: Another Record

Unread postby AirlinePilot » Mon 15 Oct 2007, 12:15:50

Makes you wonder If there isn't a PPT in place now for fuel issues?
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Re: Another Record

Unread postby Geko45 » Mon 15 Oct 2007, 12:29:38

$this->bbcode_second_pass_quote('gnm', 'A')re the refiners significantly lowering their margins? I mean really you would expect RBOB to be higher already.

Must be, gas is steady but oil is rising. They must be taking it in the pocket book right now. Makes you wonder how much margin they have before they start taking a loss.
Geko45 - Producer of Doomer Porn
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Re: Another Record

Unread postby DantesPeak » Mon 15 Oct 2007, 12:36:15

In the US, about 60% of the oil is refined into gasoline. However the profit margins on the non-gasoline products have gone up greatly in the last two months, thereby offsetting low margins on gasoline.
It's already over, now it's just a matter of adjusting.
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Re: Another Record

Unread postby joewp » Mon 15 Oct 2007, 12:43:43

$this->bbcode_second_pass_quote('Geko45', '')$this->bbcode_second_pass_quote('gnm', 'A')re the refiners significantly lowering their margins? I mean really you would expect RBOB to be higher already.

Must be, gas is steady but oil is rising. They must be taking it in the pocket book right now. Makes you wonder how much margin they have before they start taking a loss.


The crack spread(refining margin) has been very low and refiners have been complaining about it, but today the November futures are up about 5 cents/gallon to $2.13/gallon which is(I think) the record high for this contract. If the Turks or Kurds manage to destroy those pipelines, we'll definitely see gasoline prices rise at the pump.
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Re: Another Record

Unread postby lowem » Mon 15 Oct 2007, 12:56:27

We're sure in a record-breaking mood today aren't we.

$85.44

And greetz to julianj :)
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Re: Another Record

Unread postby Barbara » Mon 15 Oct 2007, 13:01:14

... and greets to both julianj and lowem! Ah, ol' good times! :P
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Re: Another Record

Unread postby julianj » Mon 15 Oct 2007, 14:53:59

And hello to the Bad New Times, Barbara :)
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Re: Another Record

Unread postby Zardoz » Mon 15 Oct 2007, 14:59:51

Barchart's now showing $85.55 as the high for NYMEX, but look at Indonesian Tapis Light:

Image

Upstream Online

Yikes!
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Re: Another Record

Unread postby strider3700 » Mon 15 Oct 2007, 15:12:35

$86.19 on CNBC right now
shame on us, doomed from the start
god have mercy on our dirty little hearts
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Re: Another Record

Unread postby Zardoz » Mon 15 Oct 2007, 15:35:34

Image
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Re: Another Record

Unread postby strider3700 » Mon 15 Oct 2007, 16:49:35

And we close at an all time high of $86.21

of course in the next breath they point out that that is still below that alltime inflation adjusted high of $101. Wasn't it only a year ago that the inflation adjusted high was in the mid 80's? Are we really seeing 20% inflation out there now? Sure beats the hell out of the government inflation numbers
shame on us, doomed from the start
god have mercy on our dirty little hearts
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Re: Another Record

Unread postby DantesPeak » Mon 15 Oct 2007, 17:20:50

$this->bbcode_second_pass_quote('gnm', 'A')re the refiners significantly lowering their margins? I mean really you would expect RBOB to be higher already.

-G


The peak in refining profits in late Spring also occurred at the same time as not one, but two major trans-US oil product pipelines broke down in succession, causing terrible distribution problems – and a gasoline buying panic. Essentially whatever gasoline was available was bought up and shipped by barge – or even trucked – to areas with low supplies.

Today we do not have a major pipeline malfunction (except there is one minor problem in the Upper Midwest-Dakota area), but refinery disruptions across North and South America plus Europe, and the lagged effects on oil supplies from Persian Gulf and Gulf of Mexico due to tropical storms.

So in sum, gasoline margins are lower – for now.
It's already over, now it's just a matter of adjusting.
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Re: Another Record

Unread postby slick50 » Mon 15 Oct 2007, 18:49:28

strider wrote:

"of course in the next breath they point out that that is still below that alltime inflation adjusted high of $101. Wasn't it only a year ago that the inflation adjusted high was in the mid 80's? Are we really seeing 20% inflation out there now? Sure beats the hell out of the government inflation numbers"

I totally agree, I'm so sick of hearing that statement by the MSM, and in fact on CNBC today , they mentioned the $101 figure and about 30 minutes later referred to the mid 80's number. Makes one wonder what type of data they are relying on.

But in a short time all this will be a mute point when oil blows thru $100.
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