$3.999 won’t last long… $4+ by weekend! DOE Report causes spike in prices!

Today’s DOE report was just about as bad as they get. The government’s report showed oil inventories posting a surprising loss of well over 5 million barrels, while gasoline stockpiles fell as well even though refineries operated at slightly higher utilization than the previous week.

Despite high prices, gasoline demand was report to only be 0.4% lower than last year while- get this- diesel (distillate) fuel demand was HIGHER than last year despite prices approaching $5/gallon. This is insane!

When will there be enough demand destruction to lower prices? Apparently not anytime soon.

Today’s market:
Oil is at $133$134
Gasoline is up 10 cents a gallon
Diesel is up nearly 14 cents a gallon.

$4.05-$4.15 is right around the corner folks, just in time (but not because of) for Memorial Day. The odds of $5 diesel in Grand Rapids continue to get better, I’d say the odds are now 7/10 that we see $5 diesel here.

If you haven’t already, fill up empty fuel tanks. By the way, Oil for delivery in the year 2016 has surged $17 in just a few days to over $141 a barrel.

To top it off, oil execs were quoted as saying (from all major oil companies) that oil should not be over $100. OK, so lets lower prices! Its a joke. I hope someone can find the corruption that’s going on here.

Patrick

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