BStowers023 Posted November 24, 2015 Report Share Posted November 24, 2015 How much lower will they go? I saw as low as $1.67 today. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted November 24, 2015 Report Share Posted November 24, 2015 Depends on how the vote swings in 2016 and how much of a threat alternate fuel poses to the oil industry. Saw $1.63 at the costco on stelzer rd this morning. Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted November 24, 2015 Report Share Posted November 24, 2015 Went down to the hood yesterday to fix a stove at my rental...got it for $1.55 at the BP on the corner of Sullivant and Hague. Filled up my car for $17. Quote Link to comment Share on other sites More sharing options...
BigOxley Posted November 24, 2015 Report Share Posted November 24, 2015 just opec putting the final nail in the coffin on natural gas and oil producers in other countries. give it a year or two and we'll see $4-5/gallon again Quote Link to comment Share on other sites More sharing options...
gillbot Posted November 24, 2015 Report Share Posted November 24, 2015 just opec putting the final nail in the coffin on natural gas and oil producers in other countries. give it a year or two and we'll see $4-5/gallon again This is my thought also. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted November 24, 2015 Report Share Posted November 24, 2015 Ill enjoy it while I can. Premium around $2 is sweet! Quote Link to comment Share on other sites More sharing options...
Supplicium Posted November 24, 2015 Report Share Posted November 24, 2015 just opec putting the final nail in the coffin on natural gas and oil producers in other countries. give it a year or two and we'll see $4-5/gallon again traders are planting seeds now, profits will grow overtime from here. but I see barrel prices hitting 25$ and $1.50 at the pump first. We are at 10 and 11 years lows atm. Quote Link to comment Share on other sites More sharing options...
Orion Posted November 24, 2015 Report Share Posted November 24, 2015 traders are planting seeds now, profits will grow overtime from here. but I see barrel prices hitting 25$ and $1.50 at the pump first. We are at 10 and 11 years lows atm. For us to hit $25 bucks, China would need to completely cease having children, building roads, and DRIVING, and Americans would have to stop altogether the use of anything that gets less than 30 MPG. $25 would be below marginal cost of production for for everyone not Saudi Arabia. It's not going to happen. FYI, current barrel prices are $43.13, and they have been wicked volatile for the past week or so. Getting to a $30 handle on Oil would wreck a lot of peoples days. We WERE at ~$39 for a few hours maybe a week and a half ago, and the market corrected quickly. Cal Strip for Oil right now is around ~$47. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted November 24, 2015 Report Share Posted November 24, 2015 topped off my tank the other day for $24 with Premium =) no complaints over here. More money I can spend at the strip club. Quote Link to comment Share on other sites More sharing options...
Berto Posted November 24, 2015 Report Share Posted November 24, 2015 Gas jumped 50 cents here today. Quote Link to comment Share on other sites More sharing options...
B3NN3TT Posted November 24, 2015 Report Share Posted November 24, 2015 Went down to the hood yesterday to fix a stove at my rental...got it for $1.55 at the BP on the corner of Sullivant and Hague. Filled up my car for $17. I filled up there on Sunday; regular was $1.57. Premium is astronomically higher than that, though. Am I just out of touch, or did it used to be that Plus was normally 10¢ more than Regular, and Premium was 10¢ more than Plus? When did it become like a 75¢ span? Quote Link to comment Share on other sites More sharing options...
Supplicium Posted November 24, 2015 Report Share Posted November 24, 2015 For us to hit $25 bucks, China would need to completely cease having children, building roads, and DRIVING, and Americans would have to stop altogether the use of anything that gets less than 30 MPG. $25 would be below marginal cost of production for for everyone not Saudi Arabia. It's not going to happen. FYI, current barrel prices are $43.13, and they have been wicked volatile for the past week or so. Getting to a $30 handle on Oil would wreck a lot of peoples days. We WERE at ~$39 for a few hours maybe a week and a half ago, and the market corrected quickly. Cal Strip for Oil right now is around ~$47. Yup I know where its at, I believe the price coming off the lows quickly is strictly from a short covering bounce. Goldman Sachs is calling for 20$, checkout "goldman sachs new oil order" cheap oil for the next 15 years. Also look at any chart 1m to 5 year, there hasnt been a positive uptrend worth anything, straight cliff to the downside. watch out for the dividend cuts too from all energy companies. http://www.cnbc.com/2015/11/20/oil-companies-brace-for-big-wave-of-debt-defaults.html http://www.goldmansachs.com/our-thinking/pages/the-new-oil-order/ Quote Link to comment Share on other sites More sharing options...
Tractor Posted November 24, 2015 Report Share Posted November 24, 2015 Yup I know where its at, I believe the price coming off the lows quickly is strictly from a short covering bounce. Goldman Sachs is calling for 20$, checkout "goldman sachs new oil order" cheap oil for the next 15 years. Also look at any chart 1m to 5 year, there hasnt been a positive uptrend worth anything, straight cliff to the downside. watch out for the dividend cuts too from all energy companies. http://www.cnbc.com/2015/11/20/oil-companies-brace-for-big-wave-of-debt-defaults.html http://www.goldmansachs.com/our-thinking/pages/the-new-oil-order/ I agree with that, I was just telling someone that times are changing and oil is becoming less the major energy source. Some of that is just me hoping we move forward, but you can see it in policy changes and prices. Quote Link to comment Share on other sites More sharing options...
Orion Posted November 24, 2015 Report Share Posted November 24, 2015 Yup I know where its at, I believe the price coming off the lows quickly is strictly from a short covering bounce. Goldman Sachs is calling for 20$, checkout "goldman sachs new oil order" cheap oil for the next 15 years. Also look at any chart 1m to 5 year, there hasnt been a positive uptrend worth anything, straight cliff to the downside. watch out for the dividend cuts too from all energy companies. http://www.cnbc.com/2015/11/20/oil-companies-brace-for-big-wave-of-debt-defaults.html http://www.goldmansachs.com/our-thinking/pages/the-new-oil-order/ I'm looking at the same info you are, I'm just betting the other way. Based upon the information I get working in the industry daily, I just don't see it getting to that point. Not within the next year or two, at least. Not enough pressure from other fuels sources to push it there. Additionally, NG is already at rock bottom. If the weather this winter up in the northeast were to get cold, you would see NG bounce, and that would pull the price of oil up as well. Shall we place a gentlemens wager? $50 says that (if we even remember in a year) the price of oil does not close below $35. We could do it on the daily close or the monthly, I'll let you pick. Not salty or anything, I live this stuff, so I enjoy having conversations like these. Quote Link to comment Share on other sites More sharing options...
Stretch Posted November 24, 2015 Report Share Posted November 24, 2015 Put a full tank in my car at Costco for $16. No complaints on that Quote Link to comment Share on other sites More sharing options...
gillbot Posted November 24, 2015 Report Share Posted November 24, 2015 Ill enjoy it while I can. Premium around $2 is sweet! Premium here is still at or over $3/gal unfortunately. I still think prices are going to stall around current levels, then something will happen causing the market to inflate. Edit: ***looks at Russia thread now....... Quote Link to comment Share on other sites More sharing options...
Supplicium Posted November 24, 2015 Report Share Posted November 24, 2015 I'm looking at the same info you are, I'm just betting the other way. Based upon the information I get working in the industry daily, I just don't see it getting to that point. Not within the next year or two, at least. Not enough pressure from other fuels sources to push it there. Additionally, NG is already at rock bottom. If the weather this winter up in the northeast were to get cold, you would see NG bounce, and that would pull the price of oil up as well. Shall we place a gentlemens wager? $50 says that (if we even remember in a year) the price of oil does not close below $35. We could do it on the daily close or the monthly, I'll let you pick. Not salty or anything, I live this stuff, so I enjoy having conversations like these. Im not salty as well I love trading stocks and talking to anyone on the other side of me is always enjoyable. Gentleman bet is fine but just for fun.. Commodities and pricing is pretty damn weird esp when you put a short timeline on it. I do have a question tho when you say pressure from other fuel sources, why wouldnt increased production with lower demand for the same fuel cause greater pressures? Cheaper oil should make less demand for NG which wouldnt support higher prices for NG right? I am seeing it everyday in the Steel industry. US production High, World production super high, foreign imports super high, demand continues to weaken, prices keep falling, scrap has almost crashed but yet we continue to produce and not cut capacity (very low atm historically). I think thats why there is a rub in oil with OPEC not adjusting production/supply correctly to what is real in the market. What happens if we have a warm winter / shorter winter this year? wondering for shits.. gun to your head, today would you be long or short gold? Quote Link to comment Share on other sites More sharing options...
Spidey2721 Posted November 24, 2015 Report Share Posted November 24, 2015 was glad to see this thread and read thru the info. i was actually worried when i saw prices as low as they are. was expecting another crash/recession worse than before. so would those worries not be founded then? is it just different energy sources/ wanting to kill alternative ways of getting oil? Quote Link to comment Share on other sites More sharing options...
Orion Posted November 24, 2015 Report Share Posted November 24, 2015 Im not salty as well I love trading stocks and talking to anyone on the other side of me is always enjoyable. Gentleman bet is fine but just for fun.. Commodities and pricing is pretty damn weird esp when you put a short timeline on it. I do have a question tho when you say pressure from other fuel sources, why wouldnt increased production with lower demand for the same fuel cause greater pressures? Cheaper oil should make less demand for NG which wouldnt support higher prices for NG right? I am seeing it everyday in the Steel industry. US production High, World production super high, foreign imports super high, demand continues to weaken, prices keep falling, scrap has almost crashed but yet we continue to produce and not cut capacity (very low atm historically). I think thats why there is a rub in oil with OPEC not adjusting production/supply correctly to what is real in the market. What happens if we have a warm winter / shorter winter this year? wondering for shits.. gun to your head, today would you be long or short gold? Yeah, of course. For fun it is. :-) I am not sure that I would agree that world demand for Oil is "down" so much, to be honest. As I said before, the Chinese are burning through it like gangbusters. Add in all of the unrest out there today, and frankly it's quite surprising that it's as low as it currently is (to me at least). So, NG is far less of a "global" commodity than oil. NG that we extract here is typically used here ("here" meaning "America"). Its use is far more prevalent in heating applications and power generation. As a result, NG prices are highly weather correlated. Oil, on the other hand, is used almost as a currency between nations. It rises and falls on fear, it gets stockpiled, it is used to back entire economies. The correlation between the two is mostly based on the fact that both come from the same wells in many cases. If you strike oil, you are gonna get some NG there as well. Marginal cost to produce, therefore, for either, is tied to both. I may have overstated the correlation between NG and Oil prices...it's probably more like .4 (or 40%). Were already at a place where folks are barely breaking even on oil production, however it continues, because these companies have balance sheets to fill out and letting something sit is never preferable to running it (Don't ask me to get into the details of that, high level math makes me go cross eyed). Still, unless peace breaks out between the nations in the middle east, I can't see it at $25. Warm/Short winter is exactly what is being modeled, and so far, the models have been dead on. We're already essentially through January when it comes to weather effecting NG prices this winter. It would have to turn very cold, very fast, to move NG prices up in a significant and sustainable way. Gun to my head, I would be long gold for the long term. However, if I were looking for a place to put money right now, it would be crude. The geopolitical risk is just too great to ignore. Quote Link to comment Share on other sites More sharing options...
jeffro Posted November 24, 2015 Report Share Posted November 24, 2015 My other half managed to get it for $0.98 yesterday... http://i.imgur.com/xWJ49Ok.jpg Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted November 25, 2015 Report Share Posted November 25, 2015 ....that looks a bit like a Giant Eagle pump. Quote Link to comment Share on other sites More sharing options...
jeffro Posted November 25, 2015 Report Share Posted November 25, 2015 ....that looks a bit like a Giant Eagle pump. Kroger i believe. Uses the fuel points i help pay for -.- Quote Link to comment Share on other sites More sharing options...
Supplicium Posted November 25, 2015 Report Share Posted November 25, 2015 How does the strong USD play into this? much effect? Quote Link to comment Share on other sites More sharing options...
POS VETT Posted November 25, 2015 Report Share Posted November 25, 2015 I bought 30.5 gallons of E85 at Kroger on Sunbury Rd yesterday and the price was $1.37/gal. Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted November 25, 2015 Report Share Posted November 25, 2015 Am I just out of touch, or did it used to be that Plus was normally 10¢ more than Regular, and Premium was 10¢ more than Plus? When did it become like a 75¢ span? Was always 10c between grades up until maybe 5 years ago, when I started seeing 15c between grades. It's only been in the last couple months that I've seen a pumps with 20c between, and none at 25c. Quote Link to comment Share on other sites More sharing options...
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