Badger** Posted April 29, 2022 Share Posted April 29, 2022 U.S. Diesel Futures Close at Record High as Shortage Deepens New York Harbor stockpiles are at their lowest since 1996 U.S. fuelmakers are raising production while exporting more By Chunzi Xu April 26, 2022, 2:10 PM CDTUpdated onApril 26, 2022, 2:47 PM CDT Share this article Follow the authors + Get alerts forChunzi Xu In this article CL1 WTI Crude 106.57 USD/bbl. +1.21+1.15% Diesel futures trading in New York surged to the highest level in records going back to 1986 as global demand for the fuel remains robust in the wake of Russia’s invasion of Ukraine. Nymex ultra-low sulfur diesel futures settled at $4.4679 a gallon on Tuesday, exceeding the prior record on March 8, when the U.S. formally sanctioned Russian oil. Since then, diesel has become the world’s most in-demand fuel as buyers in Latin America, Europe and within the U.S. compete for supplies as fast as refiners on the U.S. Gulf Coast can make them. Record futures also shifted the prompt month spread into the widest backwardation on record, at 65.06 cents per gallon. The bullish structure indicates the relative strength in immediate deliveries against next-month prices. The May contract expires on Friday. Massive exports and strong domestic consumption are helping to drain distillate stockpiles in the U.S., which have fallen to the lowest level since 2008. The shortage is most acute on the East Coast, where inventories have dropped to the lowest level since 1996. Fuelmakers on the Gulf Coast have been operating at their highest rates for this time of year in more than a decade and are still unable to rebuild stockpiles. Rising shipments to Latin America and Europe have left the main fuel pipeline supplying the East Coast underused. Shifting trading patterns also contributed to spiking prices. Liquidity has fallen in recent months in futures and physical markets, exacerbating volatility in both. While futures traders exited hedges, physical traders ditched storage tanks as holding onto products became a losing proposition, leaving a thinner cushion for supply crunches and price swings. (Updates with record backwardation in third paragraph) Up Next Quote Link to comment Share on other sites More sharing options...
toslow Posted April 29, 2022 Share Posted April 29, 2022 Remember the neighbours to the north and all the oil in the ground, Canada is an oil producer and we are paying close to 10 bucks a gallon for gas Quote Link to comment Share on other sites More sharing options...
spin_dry Posted April 30, 2022 Share Posted April 30, 2022 I'm sure glad I got rid of those diesel guzzlers. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted April 30, 2022 Share Posted April 30, 2022 5 minutes ago, spin_dry said: I'm sure glad I got rid of those diesel guzzlers. Gas in Moab last week was almost $5. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted April 30, 2022 Share Posted April 30, 2022 3 minutes ago, teamgreen02 said: Gas in Moab last week was almost $5. 55 gallon tank. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted April 30, 2022 Platinum Contributing Member Share Posted April 30, 2022 10 hours ago, spin_dry said: 55 gallon tank. Oh dang, I didn't know with a 55 gallon tank you didn't have to purchase gas anymore.. What a great idea!!! SMH, what a fucking moron... Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 30, 2022 Platinum Contributing Member Share Posted April 30, 2022 Yesterday am Nashua NH Diesel was $4.59 Went thru Chelmsford MA and saw it for $4.99 , thought maybe I should turn around and top off". Nah., Ill find it the same price later " Filled up at end of day $5.99 well fuck me. Going thru downtown Nashua last night $6.79 2 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted April 30, 2022 Platinum Contributing Member Share Posted April 30, 2022 On 4/16/2022 at 10:57 PM, spin_dry said: A collapse of the price of oil is weeks away. Played this horse and pony show before. Last time this kind of fuckery went on oil pricing dropped to zero. Well it's been a few weeks and It seems to just be going up?? Quote Link to comment Share on other sites More sharing options...
spin_dry Posted April 30, 2022 Share Posted April 30, 2022 28 minutes ago, Rigid1 said: Well it's been a few weeks and It seems to just be going up?? Are you typically this impatient? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted April 30, 2022 Platinum Contributing Member Share Posted April 30, 2022 4 minutes ago, spin_dry said: Are you typically this impatient? Just going by the claim you made... Quote Link to comment Share on other sites More sharing options...
spin_dry Posted April 30, 2022 Share Posted April 30, 2022 1 hour ago, Rigid1 said: Oh dang, I didn't know with a 55 gallon tank you didn't have to purchase gas anymore.. What a great idea!!! SMH, what a fucking moron... You have a very hard time with deductive reasoning-so allow me to explain. I gas up where fuel is cheaper. That gives a 900 mile range (not counting the 8 gallons of Rotopax) before having to fuel up again, which has me back into an area where fuel is into the mid $3/gal range. Sometimes I wonder about the thought process of this place. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted April 30, 2022 Platinum Contributing Member Share Posted April 30, 2022 2 minutes ago, spin_dry said: You have a very hard time with deductive reasoning-so allow me to explain. I gas up where fuel is cheaper. That gives a 900 mile range (not counting the 8 gallons of Rotopax) before having to fuel up again, which has me back into an area where fuel is into the mid $3/gal range. Sometimes I wonder about the thought process of this place. So you're getting 16.36mpg (not counting the 8 gal rotopax..) in the bug out vehicle per your own admission.. Explain how what you get for mpg effects your price per gallon at the pump?? Looking forward to hearing your thought process on this.. And FYI, I buy 93 octane at wholesale club already discounted, then additional discounts for in club purchases and I can actually prove it rather than just type a few lines of BS.. Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted April 30, 2022 Gold Member Share Posted April 30, 2022 From $5.65 yesterday morning to $6.19 this morning. Glad I got rid of my diesel truck years ago. Quote Link to comment Share on other sites More sharing options...
Snake Posted April 30, 2022 Share Posted April 30, 2022 Got a card we only use for gas. 5% every day. It's a start... Quote Link to comment Share on other sites More sharing options...
spin_dry Posted April 30, 2022 Share Posted April 30, 2022 2 hours ago, Stephen Hawking said: From $5.65 yesterday morning to $6.19 this morning. Glad I got rid of my diesel truck years ago. Where? Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted April 30, 2022 Gold Member Share Posted April 30, 2022 (edited) Western Massachusetts. Edited April 30, 2022 by Stephen Hawking Quote Link to comment Share on other sites More sharing options...
spin_dry Posted April 30, 2022 Share Posted April 30, 2022 18 minutes ago, Stephen Hawking said: Western Massachusetts. That's more than I paid for diesel back in "08. $5.50 back then. Of course that's not inflation adjusted. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted April 30, 2022 Gold Member Share Posted April 30, 2022 Guess the World is running out of diesel. And China is closed up. The tears are going to fix climate change mega droughts when China starts using fuels again. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted April 30, 2022 Platinum Contributing Member Share Posted April 30, 2022 6 hours ago, Stephen Hawking said: From $5.65 yesterday morning to $6.19 this morning. Glad I got rid of my diesel truck years ago. Saw anywhere from $6.38/gal to $6.79/gal today in my travels,. get ready for food to skyrocket next week.. Quote Link to comment Share on other sites More sharing options...
Badger** Posted April 30, 2022 Author Share Posted April 30, 2022 Owning a recreational diesel truck right now puts you in a position of being upside down with this Market. Quote Link to comment Share on other sites More sharing options...
USA Contributing Member $poorsledder$ Posted April 30, 2022 USA Contributing Member Share Posted April 30, 2022 7 hours ago, Rigid1 said: So you're getting 16.36mpg (not counting the 8 gal rotopax..) in the bug out vehicle per your own admission.. Explain how what you get for mpg effects your price per gallon at the pump?? Looking forward to hearing your thought process on this.. And FYI, I buy 93 octane at wholesale club already discounted, then additional discounts for in club purchases and I can actually prove it rather than just type a few lines of BS.. One hundred bucks a week on groceries and their credit card gets you another dime. I play the game as well. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted April 30, 2022 Platinum Contributing Member Share Posted April 30, 2022 1 minute ago, $poorsledder$ said: One hundred bucks a week on groceries and their credit card gets you another dime. I play the game as well. Um it's .50 off per gallon, when you roll in and get 75 gallons is quite the savings.. Quote Link to comment Share on other sites More sharing options...
USA Contributing Member $poorsledder$ Posted April 30, 2022 USA Contributing Member Share Posted April 30, 2022 6 minutes ago, Rigid1 said: Um it's .50 off per gallon, when you roll in and get 75 gallons is quite the savings.. Yes, .50 per gallon. If you use their Visa card it’s another..10 a gallon. I’m only buying 11-13 gallons but it helps. Connecticut removed the state tax on it so I’m saving that as well. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted April 30, 2022 Share Posted April 30, 2022 Sam's has been 30-50 cents cheaper than other stations for gasoline. I try to stop on my way to and from up north if they are still open when I go through. Been filling up my car once a week on my commute to work too. It really adds up when I buy all my gas there. Quote Link to comment Share on other sites More sharing options...
Anler Posted April 30, 2022 Share Posted April 30, 2022 Something has to change, this is 100% due to our corrupt leadership. Seriously they have to go. 2 Quote Link to comment Share on other sites More sharing options...
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