Gold Member BOHICA Posted July 27, 2023 Gold Member Share Posted July 27, 2023 "With extreme heat also leading to some refinery outages, and with July gasoline inventories at their lowest level since 2015, we're primed to see the cost increases showing up in force this week across the country," he added. "Already this morning, GasBuddy is seeing large price increases in Michigan, Indiana, Ohio, Kentucky and Florida." https://www.foxbusiness.com/markets/gas-prices-spike-10-25-cents-week-states.amp Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 28, 2023 Author Gold Member Share Posted July 28, 2023 😂 U.S. retail gasoline prices reached their highest levels since November. Average gasoline priceshave risen by 13.4 cents from a week ago today, according to AAA data published on Thursday. The current price for the average gallon of retail gasoline in the United States climbed to $3.714 per gallon on Thursday—up from $3.687 per gallon the day before. A week ago, gasoline was $3.580 per gallon. https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Reach-8-Month-High.html Quote Link to comment Share on other sites More sharing options...
Snake Posted July 28, 2023 Share Posted July 28, 2023 One would think 24 hours after a thread fail would be sufficient to kill it dead...... NOPE! 2 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Skidooski Posted July 28, 2023 Platinum Contributing Member Share Posted July 28, 2023 7 minutes ago, Snake said: One would think 24 hours after a thread fail would be sufficient to kill it dead...... NOPE! Bumps his own shitty thread 🤣 1 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted July 28, 2023 Share Posted July 28, 2023 $3.18 on Monday to 3.58 today. Yikes. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 28, 2023 Author Gold Member Share Posted July 28, 2023 10 minutes ago, spin_dry said: $3.18 on Monday to 3.58 today. Yikes. If a hurricane hits the gulf coast it’s going to get probably record expensive this year. Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted July 28, 2023 Share Posted July 28, 2023 ENERGY Portfolio manager says OPEC+ alliance could break — sending oil prices down to $35 a barrel PUBLISHED THU, JUL 27 20237:53 AM EDTUPDATED THU, JUL 27 20239:29 AM EDT Sam Meredith@SMEREDITH19 Ruxandra Iordache SHAREShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email KEY POINTS Speaking to CNBC’s “Street Signs Europe” on Thursday, Clean Energy Transition’s Per Lekander said waning oil demand growth and a lack of cooperation may facilitate the demise of OPEC+. The breakup of the group, Lekander said, could send oil prices careening to as low as $35 per barrel. OPEC+ has been trimming oil production since November to prop up prices. WATCH NOW VIDEO01:46 Portfolio manager says OPEC+ oil alliance could break — with crude falling to $35 a barrel An influential oil producers’ alliance could collapse if unity dissolves around output policy, according to the managing partner of investing group Clean Energy Transition. Speaking to CNBC’s “Street Signs Europe” on Thursday, Per Lekander said waning oil demand growth and a lack of cooperation may facilitate the demise of OPEC+ — a group of 23 nations that produces roughly 40% of the world’s crude oil. The breakup of OPEC+, Lekander said, could send oil prices careening to as low as $35 per barrel. “In a growing market, time is your friend. You just need to wait a bit and things tighten up and improve,” Lekander said. “In a declining market, time is your enemy. You have to keep cutting, keep cutting, keep cutting.” He added, “The more negative growth [there] is, and the less cooperation you have — and remember the last OPEC decision, it was really the Saudis doing it on their own ... so I would say, if my forecast is correct, and I’m very sure it is … it is going to break.” A spokesperson for OPEC was not immediately available to comment. OPEC+ has been trimming oil production since November. Oil prices, which are down sharply year-to-date, were trading slightly higher on Thursday afternoon. Brent crude futures with September expiry were up around 0.8% at $83.53 a barrel at around midday London time, while U.S. West Texas Intermediate crude futures with September delivery rose 1% to trade at $79.56 a barrel. Both contracts are up over 12% so far this month. “There was a period in the 1990s and the 2000s where supply was so much, they couldn’t jack up the price, but for most of the time, the oil price since 1974 has been artificially too high,” Lekander said. “If the cartel can’t operate, I would say short-term you go to $35 and mid-term probably $45,” he added. The OPEC+ group has sought to distance itself from accusations of cartel behavior, saying its policies target global supply inventories, rather than specific fixed prices. Nevertheless, some Middle East nations in the coalition, which heavily depend on fossil fuel revenues, list oil price assumptions and forecasts in their national budget plans. OPEC and allies The Organization of Petroleum Exporting Countries was initially formed in 1960 by five founding members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The alliance rose to international prominence through the following decade and has gradually expanded. OPEC joined forces with 10 non-OPEC partners — including heavyweight Russia — to jointly agree production policy in 2016, informally creating the coalition known as OPEC+. OPEC itself is actively seeking to recruit new members to the alliance, Secretary-General Haitham al-Ghais said in early July. OPEC+ officials have frequently stressed the group’s unity in policy-making, although allied countries typically also vie to protect national interests when accepting output commitments. OPEC+ cooperation briefly ceased for one month in 2020, triggering a price war as Russia and Saudi Arabia flooded the market. The alliance later reunited in May of that year, agreeing stark production cuts to address the drop in global demand triggered by lower transport fuel consumption, after the onset of the Covid-19 pandemic. Since then, the OPEC+ alliance has been careful to telegraph unity in its decision-making, including in its voluntary production cuts. WATCH NOW VIDEO05:16 We are just about at peak oil demand right now, portfolio manager says In addition to their coalition commitments, several OPEC+ members are now carrying out 1.66 million barrels per day of discretionary output declines until the end of 2024. Saudi Arabia and Russia are further implementing an additional 1 million-barrels-per-day and a 500,000 barrels-per-day drop in their production and exports over July and August, respectively. The U.S., which is not a member of the OPEC+ group, has repeatedly called on the alliance to pump more to help the global economy and has criticized Riyadh’s cooperation with Moscow following Russia’s full-scale invasion of Ukraine. Saudi Arabia, meanwhile, has frequently ignored Washington’s demands and reportedly said earlier this month that it would do “whatever necessary” to support the market. Both OPEC+ officials and the Paris-based International Energy Agency have signaled a potential supply crunch in the second half of the year, when the institutions anticipate a pickup in demand. A technical committee of the OPEC+ group, the Joint Ministerial Monitoring Committee, will meet early next month to assess compliance and market fundamentals. The JMMC cannot change the existing OPEC+ policy, but it can call for a meeting of the group’s ministers to do so. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Skidooski Posted July 28, 2023 Platinum Contributing Member Share Posted July 28, 2023 9 hours ago, BOHICA said: If a hurricane hits the gulf coast it’s going to get probably record expensive again this year. Fixed for accuracy Quote Link to comment Share on other sites More sharing options...
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