Just to warn you, this post will be a bit lengthy, but may be incredibly insightful for some. First off, it looks like Ed has predicted a hike to $1.99. We’ll see if he’s right on… if you can get gas for around $1.80, fill up like I did tonight just in case. I’m not [...]
Archive for the Tag 'refinery utilization'
UPDATE 4:50pm EDT: LOOP (Louisiana OffShore Oil Port) has been closed. Gustav is forecast to hit it directly. Any damage to LOOP would be catastrophic to the county and could raise oil prices $10 or more per barrel. This port provides over 1-million barrels of oil per DAY to the United States (via Middle East [...]
Note: I decided I had better take a quick break from vacation. I was away hiking in Yellowstone, please forgive me for not posting. When my phone got service yesterday, I had received numerous voice-mails informing me that a Hurricane “Gustav” had formed and could be effecting gas prices. Unfortunately I’ve been out of the [...]
Edit: Speedway has just hiked to $3.95 in Michigan; while not totally shocking, this is something that might have been expected. The Gas Game gets quite difficult to predict at times like this! Another disappointing report from the Dept. of Energy this week, we can look for gasoline to trade higher today. Perhaps due to [...]
Seeing as how refiners were losing money for parts of this week refining oil into gasoline, utilization was low. It is rare, but refiners were losing some money last week as the cost of a barrel of oil was *more expensive* than the cost of their finished gasoline. They were losing cents on refining every [...]
After watching the market the last week, I’m semi-convinced that we’re starting to see the “Spring Run-up” in prices. Last week gasoline traded roughly 20 cents cheaper on the wholesale market, and today, we’re at 2.40+ on the wholesale market. Last year, the run-up began in late January/early February. The question is- how high will [...]