Archive for the Tag 'storage'

OPEC slashes production 1.5mb/day, but will it stop oil’s skid?

WRITTEN THIS MORNING (OCT 24, 7AM)
This morning OPEC convened and arrived at a decision to cut 1.5 million barrels of oil per day. Many of you are likely asking what we can now expect and what will happen. Let me try to shed some light for you.
It will be an interesting day on the market, [...]

I filled up as a precaution, should you?

With prices falling (and rightfully so) to the $3.60’s (suburbs) and $3.70’s (GR area) and much lower in other parts of the state, is a hike likely anytime soon? It could be… chances are really 50/50, but I personally filled up just in case so I wouldn’t get caught losing too much money if prices [...]

Ed’s Calculations for Expected Retail Price

Expected retail price = 1.06*(WP + RM + FF + TX + MS) + ST
WP = estimated wholesale price
(average of current and next month futures prices)
RM = estimated retail markup (as much as 20 cents per gallon)
FF = Fudge factor, which takes into account variations between New York and Chicago wholesale prices, and competition situations [...]

Another lousy DOE report, Speedway hikes to $3.95

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 the Hurricane/Tropical [...]

Is the “June Slowdown” starting on gasoline markets?

It’s been a while since I wrote here folks, but it seems prices have been “somewhat” steady around our region, and quite steady (what a surprise!!) in Grand Rapids.
If you read my previous post about the Summer Forecast, you’ll have a better idea where this post fits in the big picture.
Of course my writing was [...]

Terrible DOE report, wholesale prices likely to climb

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 [...]

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