$4.16 here.
Saw $3.89 in DFW last week.
Saw $3.89 in DFW last week.
- Thread starter BullGear
- Start date
| WTI Crude • | 98.15 | +1.73 | +1.79% |
| Brent Crude • | 109.2 | +2.06 | +1.92% |
When prices go down its not because of some brilliant Brandon Regime action but a reality of slowing economy and demand world wide aka Recession
July 22nd 91 octane 4.64.
currently July 29th 91 octane at Costco in AZ, around 4.54 a gallon
Down 10 cents
Draining reserves and producing less. The "Recipe for Disaster".
oilprice.com
U.S. Crude Production Sinks In May | OilPrice.com
U.S. field production of crude oil fell in May to an average of 11.595 million barrels per day (bpd), new data from the Energy Information Administration showed on Friday
oilprice.com Interesting to watch the redefining. Appearing around the $100k / year (net income) mark. Recession has not had an effect on them. Those with less than that income are feeling the squeeze. Many differing definitions between those two groups.
JMHO
| WTI Crude • | 96.82 | -1.80 | -1.83% |
| Brent Crude • | 102.6 | -1.41 | -1.36% |
They did cause the recession.
Zelenskyy has already paid for his multiple mansions around the world so there's that at least.
Shorting crude and other commodities was a good decision this year.
Continue to short since Americans are broke AF, and no amount of other shithole countries (combined) can make up for the American consumers.
Always add the S&P 500 and other quality dividend stocks.
Starting to build positions in beaten down travel names.
Continue to short since Americans are broke AF, and no amount of other shithole countries (combined) can make up for the American consumers.
Always add the S&P 500 and other quality dividend stocks.
Starting to build positions in beaten down travel names.
Attachments
Seems like the Demwits believe the $3.99 gas is going to be a winner. Most are at that price now.
Plummeting gas prices. According to the Demwits......
Plummeting gas prices. According to the Demwits......
$3.95 in Wyoming today. One station in town is 3.52, but they have sold out to a competitor. Only selling cheap to bring business into the convenience store to sell merchandise before the sale finalizes.
| WTI Crude • | 94.22 | +0.33 | +0.35% |
| Brent Crude • | 100.3 | +0.23 | +0.23% |
Lol at all the clowns who were calling for $150 oil.
The only real winners in this situation are the oil companies.. They are not reinvesting or sharing the take. This is historic for that industry. Doubtful the renewable resource camp can match the profits of the oil companies.
I agree... Many components are at work in the economy. Psychological, economical, greed, a depleting natural resource and of course politics. Not much left of the American "Middle Class" to squeeze. I think Europe, UK, Scotland are giving us a glimpse of where America is headed... Australia is a different duck, Africa is a wild card, South America is the drug capitol of the world and China / Russia are playing a different game.
Interesting times.
Oil companies are a HUGE windfall for the US government when it comes to taxes.
Democrats are cutting off their nose to spite their face.
Don't forget, as Dems and Green New deal commies bankrupted the coal companies, whose buying them up? Don't think this isn't a energy grab. When the elites get enough of it, they'll turn the faucet back on.
George Soros is Investing Millions in Coal
Soros, whose $24 billion fortune is built on successful trading, appears to have purchased several million dollars' worth of stock in coal producers Peabody and Arch Coal, according to filings reviewed by Britain’s The Guardian newspaper Regular =$3.95.9
I can tell the election cycle is getting into full swing.
I can tell the election cycle is getting into full swing.
Stock up now.... I am.
Yes sadly, I've got a ton of gas stored but due to my recent surgeries, I haven't kept up with the lawn mowing or trimming, so I still have about 30 gallons. I have thought about going to a boat supply or Tractor Supply and buying one of the larger storage containers on wheels that holds 30-50 gallons to keep in the shed.
Or both...
best long term storage is propane or Natural Gas, since it's good forever. Issue is, How big is your storage tank 
Military has run the numbers... EMP and 80% of the people in the US will be dead in 6 months
Google ran the numbers and said, we only need 20% of the people with current technology. Keep pushing for self driving tractors
Military has run the numbers... EMP and 80% of the people in the US will be dead in 6 months
Google ran the numbers and said, we only need 20% of the people with current technology. Keep pushing for self driving tractors
Since I'm recovering very well and I will be starting PD dialysis at home, I will have much more time to do the things that need to be done around the homestead, I will probably go through about 25-40 gallons a month. My wintertime usage is only about a 1/5 of that. So, I'm good.
I love diesel, but for me, it's not that cost effective.
The Diesel Crisis Is Far From Over | OilPrice.com
The global diesel shortage is far from over, with demand continuing to rise despite an economic slowdown and supply struggling to keep up
oilprice.com What a surprise
The smallest increase in output in OPEC history, and couldn’t get smaller without being a cut.
"At the current rate, I fear that President Joe Biden consumed more jet-fuel travelling on Air Force One to Jeddah than any extra oil barrels OPEC+ may agree to provide to the market in September."
www.zerohedge.com
Fake Saudi output hike is mostly down to Russian oil imports
/cloudfront-us-east-2.images.arcpublishing.com/reuters/AWU3MSPNWFND7BNDU65SABPFXQ.jpg)
www.reuters.com
The smallest increase in output in OPEC history, and couldn’t get smaller without being a cut.
"At the current rate, I fear that President Joe Biden consumed more jet-fuel travelling on Air Force One to Jeddah than any extra oil barrels OPEC+ may agree to provide to the market in September."
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com Fake Saudi output hike is mostly down to Russian oil imports
Exclusive: Saudi Arabia doubles second-quarter Russian fuel oil imports for power generation
Saudi Arabia, the world's largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said.
www.reuters.com | WTI Crude • | 94.46 | +0.04 | +0.04% |
| Brent Crude • | 100.6 | +0.05 | +0.05% |
I read somewhere, that the Saudi's are actually producing as fast as their wells allow. The Saudis at one time, pushed their wells faster, *I'm going to make up some numbers, since I don't have the article.What a surprise
The smallest increase in output in OPEC history, and couldn’t get smaller without being a cut.
"At the current rate, I fear that President Joe Biden consumed more jet-fuel travelling on Air Force One to Jeddah than any extra oil barrels OPEC+ may agree to provide to the market in September."
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
Fake Saudi output hike is mostly down to Russian oil imports
Exclusive: Saudi Arabia doubles second-quarter Russian fuel oil imports for power generation
Saudi Arabia, the world's largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said.
So, lets say they are producing at 10m barrels, the Saud pushed it to 12m. They could only hold the 12m for a month or so and it dropped to 8. It took a while to recover back to the 10m and the saudi's just leave it there, since that is basically their max without diminishing returns.
edit - per the article
You know the Saudi's are taking the Russian oil and mixing it in with theirs. The Saudis are lying when they saying they are only using Russian oil for generation. PFFFF. They are business people; they are making that extra ruble.
Thats a pretty broad brush to say those earning above 100k arent affected by the recession... LOL...
I make in excess of 100k, but we are definitely feeling it. This past spring I started working an extra 2-3 days per month of overtime to try to put a little extra cash away... So far I havent actually put any extra cash away because inflation is eating into that. So this year I will likely make an extra 30k in overtime and I will not really see a penny of it. Maybe if I made 500k+ I wouldnt feel it, but 100k... no we still feel it.
Yes that indeed seems to be the case Sauds actualy do not have the capacity they claim to have they average 9.6 million barrels with extremely short jumps to 11+million and that includes lots of creative accounting, but more importantly Saudi domestc comsumption of oil grew far more than their capacity to pump , so the 100k barrels extra OPEC will be pumping is just Sauds buying more Russian oil for domestic use while selling their own.
Only times they go past 11 was for war on shale and Saudi Russian oil price war
So theoretically they could put 3million more barrels on the market by buying 3 million barrels of Russian oil for domestic use ROFL , sounds funny but that is what they are doing right now on smaller scale.
I appreciate your feedback. I hear that from a few other younger people (family members) who have not lived through a recession.
Some are starting to feel an "an exponential curve"... Home owner's insurance and property taxes are two categories that consumers can't simply cut back on.
Bigfatcock
The cost of fuel to get to work and back usually isn't something that can be cut back on as if you are doing cutbacks, you don't have money to go buy some new super expensive vehicle to get better fuel economy.
Also food is fast starting to bottom out as a place where folks can cut, grocery prices are skyrocketing no matter what the government says and people have to put food on the table, the food banks used to be a good place to get lots of stuff when you were needing it, but these days they are pretty lean as demand is sky high and inflows are a lot less.
Had time today, so I drove over to BJ's and got gas. Regular $3.91.9 and Premium $4.19.9
They are 4 cents cheaper for regular than non-membership gas stations. Not really worth the ride. It still took me $98 to fill up with a 1/4 tank.
They are 4 cents cheaper for regular than non-membership gas stations. Not really worth the ride. It still took me $98 to fill up with a 1/4 tank.
Matt Simmons wrote Twilight in the Desert almost 20 years ago, and was widely mocked. But his hypothesis seems to be playing out right now.
I appreciate your feedback. I hear that from a few other younger people (family members) who have not lived through a recession.
Some are starting to feel an "an exponential curve"... Home owner's insurance and property taxes are two categories that consumers can't simply cut back on.
View attachment 7925653
Bigfatcock
I lived through the 08 recession.
I think you are confusing recession with inflation. Its hard for me to picture us currently in a "recession" although yes the technical definition currently exists. At least not like 08 with the stock market crashing, massive job cuts, etc... This "recession" doesnt feel to much like one, but if things continue on the current path I think things could get ugly.
I guess my issue currently is the runaway inflation that is FAR FAR FAR higher than "9%" on a lot of goods.
-Homeowners insurance for me went up almost 50%.
-Property tax really isnt going up much for me since I am homesteaded in Texas. 10% increase which is the state maximum they are allowed.
-Grocery bills have gone up ~50%(we used to spend around 100-125 a week now we spend 150-200).
-Fuel is doubled(its eased a bit), but luckily we have a Prius we drive 97% of the time so its not to bad. I havent fueled my F150 in over a month because I havent driven it hardly all. Im lucky in both accounts of vehicles that I dont NEED to drive my truck.
-Energy costs-I locked in a 3 year electricity plan at 8.4c/kw last year. Lots of people said "you're dumb for locking 3 years".... I would have locked 10 years if I could have.
Ill see what my car insurance goes up to here shortly when I renew in September. Im expecting a healthy increase.
Ive had some home projects we have wanted to do, but refuse to do them with prices on materials and labor so crazy.
My wife and I enjoy going out to dinner, but even thats getting stupid so we go out only maybe once every other week to a nice restaurant instead of 2-3 times per week to somewhere "cheaper" because all the "cheap" places have gotten expensive, the food isnt that great and the service is terrible. I would rather go have one nice $150 meal every other week vs. 3 $50 meals that sucked.
Food quality has definitely gone downhill at most places I have eaten, and now I do the same as you.
Yeah, food quality at restaurants has really gone downhill even as the price increases. I got used to making my own stuff during the lock-downs, and now our family eats out far less than a few years ago. This was a good habit to break.
Up front, this is just one old guy's personal thoughts on recessions I have survived.
In 1973-74 the real price of crude oil more than tripled. ' After declining slightly in 1975-78, it doubled again in 1979-80. But the 1979-80 price increase was eroded between 1981 and 1985, as price declined by nearly 40 percent. Price then collapsed in the first half of 1986, falling by more than 50 percent.
I worked in the Oil Patch up until 1987. There was a big bill board in Morgan city, Louisiana that said "Would the last person to leave please turn off the lights". The parking lot at Oceaneering International was full of company vehicles with the keys thrown on the seat as people were laid off and left. There were some of the most lucrative scams being presented every week on making money. Some would have ended in death if a person took them up on the offer. Relocated to Southern California (Operating Engineers) moved dirt for house building boom.
Early 1990s recession
Tuesday, December 6, 1994 -“As one of the dozen major investors in the treasurer’s investment pool, the Orange County Board of Supervisors late this afternoon authorized the filing of petitions under Chapter 9 of the Bankruptcy Code.”
At that time I owned 2 houses in Orange County, CA. Sold both, made money on one and lost money on the other, a wash. Relocated to Oregon and built computer chip plants (Hyundai, Intel, Wafer Tech)
Great Recession
December 2007 –June 2009...The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to a global financial crisis, even as oil and food prices soared.
High Tech world stopped building. I went to work maintaining logging equipment. Logging industry was tapering off and using more automated harvesters. Lost count of how many people I helped put their stuff in storage and watched them walk away from a house they were buying.
_____________________________________
Some will read my history and say they faired well during those times. Other's lost everything and never recovered.
As we move into this recession things are different. Almost everything is different. Politics are different, wars are different, technology is different, education is different, environment (temperature, droughts, floods, fires) is different, commerce is different, plagues are different, making money is different, religion / lack of religion is different, food is different and cultures are different. Some will say nothing is different and in a way I will agree.
We are starting to see the tip of the recession iceberg.
Here’s how Orange County went broke 25 years ago
It didn’t matter that Citron had no background in accounting or investing. Or that he had never owned a single share of stock.
www.ocregister.com :max_bytes(150000):strip_icc()/sl-crisis.asp-Final-f916747a014841a0a28e67be567ff5e6.jpg)
Savings and Loan Crisis (S&L): What Happened and Aftermath
The savings and loan (S&L) crisis was a financial disaster that caused the failure of more than 1,000 U.S. savings and loans in the 1980s and 1990s.
| WTI Crude • | 89.60 | -1.06 | -1.17% |
| Brent Crude • | 95.35 | -1.43 | -1.48% |
$4.64 since the past few weeks and still the same.
Told ya’ll to short crude. No amount of shithole countries can make up for the lack of American consumers.
Bought gas yesterday @ 3.61 in Great Bend Ks.
Diesel was 4.40-4.50'ish
Whoops, day before yesterday....slept all day yesterday.
Damn heavy drugs they be feedin' me.
BTW, WTI 89'ish and falling fast.
88.32 and still falling fast.
Diesel was 4.40-4.50'ish
Whoops, day before yesterday....slept all day yesterday.
Damn heavy drugs they be feedin' me.
BTW, WTI 89'ish and falling fast.
88.32 and still falling fast.
Last edited:
| WTI Crude • | 88.17 | -0.37 | -0.42% |
| Brent Crude • | 93.83 | -0.29 | -0.31% |
I paid $4.49 for diesel yesterday at QT, $4.35 at Costco in Kansas City today.
An interesting conversation on the diesel distillates market:
www.zerohedge.com
Consider this a reminder of the fact that the price of any given distillate can become disconnected from that of crude.
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com Consider this a reminder of the fact that the price of any given distillate can become disconnected from that of crude.
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