Actually, there was no actual shortage. The prices rose because of the fear that there might be a shortage.
The shortage never manifested.
Actually, there was no actual shortage. The prices rose because of the fear that there might be a shortage.
The shortage never manifested.
Thanks for covering my back guys especially against Texas assholes that are in the oil thug Industry. :thumbsup:
1-29-2013
http://finance.yahoo.com/news/tripl...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
Triple-Digits Oil in Sight as Economy Heals
U.S. benchmark crude oil prices are expected to resume their march towards triple digits as stock markets respond to improved economic data in the U.S. and China, according to CNBC's latest oil market sentiment survey.
The picture for employment in the U.S. is "generally improving, slowly but surely," Sean Hyman, Editor of Moneynews at Ultimate Wealth Report told CNBC's 'Squawk Box' on Tuesday. "We're seeing economic improvement around the world particularly in China and India as well" and that could help lead to a "pick up" in demand for natural resources.
"2013 will be a bright year for commodities overall," he added.
Although U.S. crude futures failed to test $100 a barrel last week, some expect the psychological level to be breached this week.
But if prices do rise and stay elevated above triple digits, some fear this may disrupt the economic recovery and hit sentiment on the equity markets. Higher oil prices would constitute an "added tax on consumers," Michael Gayed, chief investment strategist and co-portfolio manager at Pension Partners, LLC.
"The relentless grinding higher has been impressive in oil and equities since the beginning of the year," said Kirk Howell, Partner at Spy Ridge Capital.
Data from the ICE Europe Exchange shows that hedge funds and other leveraged investors raised their net-long exposure in Brent crude oil to a new record of 153,913 contracts of futures and options during the week ending 22 January.
29 comments
Steve 14 hours ago Report Abuse
http://finance.yahoo.com/news/tripl...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
Triple-Digits Oil in Sight as Economy Heals
U.S. benchmark crude oil prices are expected to resume their march towards triple digits as stock markets respond to improved economic data in the U.S. and China, according to CNBC's latest oil market sentiment survey.
The picture for employment in the U.S. is "generally improving, slowly but surely," Sean Hyman, Editor of Moneynews at Ultimate Wealth Report told CNBC's 'Squawk Box' on Tuesday. "We're seeing economic improvement around the world particularly in China and India as well" and that could help lead to a "pick up" in demand for natural resources.
"2013 will be a bright year for commodities overall," he added.
Although U.S. crude futures failed to test $100 a barrel last week, some expect the psychological level to be breached this week.
But if prices do rise and stay elevated above triple digits, some fear this may disrupt the economic recovery and hit sentiment on the equity markets. Higher oil prices would constitute an "added tax on consumers," Michael Gayed, chief investment strategist and co-portfolio manager at Pension Partners, LLC.
"The relentless grinding higher has been impressive in oil and equities since the beginning of the year," said Kirk Howell, Partner at Spy Ridge Capital.
Data from the ICE Europe Exchange shows that hedge funds and other leveraged investors raised their net-long exposure in Brent crude oil to a new record of 153,913 contracts of futures and options during the week ending 22 January.
29 comments
Steve 14 hours ago Report Abuse
High oil prices will stifle economic growth. People will be pouring their money into their gas and oil tanks, instead of spending it on other things!
Think about it. 3 hours ago Report Abuse
Think about it. 3 hours ago Report Abuse
Indeed. Oil acts as a choke on the economy. Anytime we start to recover, the price of oil goes up and chokes the economy. We need to get off oil.
Stevie 10 hours ago Report Abuse
Stevie 10 hours ago Report Abuse
"2013 will be a bright year for commodities overall,".... and another dark, dreary year for the unemployed, the underemployed, senior citizens, savers, taxpayers, the middle class, the poor, the minimum wagers, the grocery buyers, the gasoline buyers, etc etc etc.... but a bright year for commodities, the banks, the bankers, the elite rich, the oil speculators, the Central Bankers, the politicians, the CEOs, the HFT computer traders, etc, etc..... we've come a long way in this forlorn country haven't we?
ForLiberty 12 hours ago Report Abuse
ForLiberty 12 hours ago Report Abuse
only an economic idi0t can't tell the difference between printing created bubble and economy healing. Strap yourself for what is coming. It's gona be a wild ride. Thought 2008 was bad? That was nothing, a speed bump.
1-31-2013
http://finance.yahoo.com/news/gasol...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
Gasoline prices get early start on spring surge
Average US retail price up 13 cents as oil rises, gas supplies on East and West coasts tighten
Gasoline prices are getting an early start on their annual spring march higher.
The average U.S. retail price rose 13 cents over the past two weeks to $3.42 per gallon, and within a few days it will likely set a record for this time of year.
The culprits: Rising crude oil prices, slowing output at refineries that are undergoing maintenance, and low supplies of gasoline.
Crude oil has risen 14 percent since mid-December, to $97.49 on Thursday. Brent crude, the benchmark used to price oil that most U.S. refineries use to make gasoline, is up 9 percent since then to $115.55
But gasoline wholesale prices are rising even faster. That's the price distributors and service stations pay to buy the gasoline that they then sell to drivers. Wholesale prices in California are up 56 cents a 20 percent jump to $3.32 per gallon, in just two weeks
http://finance.yahoo.com/news/gasol...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
Gasoline prices get early start on spring surge
Average US retail price up 13 cents as oil rises, gas supplies on East and West coasts tighten
Gasoline prices are getting an early start on their annual spring march higher.
The average U.S. retail price rose 13 cents over the past two weeks to $3.42 per gallon, and within a few days it will likely set a record for this time of year.
The culprits: Rising crude oil prices, slowing output at refineries that are undergoing maintenance, and low supplies of gasoline.
Crude oil has risen 14 percent since mid-December, to $97.49 on Thursday. Brent crude, the benchmark used to price oil that most U.S. refineries use to make gasoline, is up 9 percent since then to $115.55
But gasoline wholesale prices are rising even faster. That's the price distributors and service stations pay to buy the gasoline that they then sell to drivers. Wholesale prices in California are up 56 cents a 20 percent jump to $3.32 per gallon, in just two weeks
Don't forget Gasoline is the number one export of the United States.
Yet they claim there is "shortages".
Americans like getting lied to and fucked without lube.
Yet they claim there is "shortages".
Americans like getting lied to and fucked without lube.
1-31-2013
http://finance.yahoo.com/news/retail-gasoline-prices-8-cents-191211653.html
Retail gasoline prices up 8 cents across Texas
Retail gasoline prices across Texas have gone up eight cents this week.
AAA Texas reported on Thursday that the price of a gallon of regular unleaded gas is $3.24. That's up from last week's average of $3.16, but still 18 cents below the national average.
Dallas drivers are paying an average of $3.30, the highest in the state. El Paso has the cheapest average gas at $2.99.
AAA says prices are being driven up by news about a strengthening economy and refinery issues in five states.
Prices could rise more as a refinery in New Jersey is set to close at the end of the next month.
That will likely require more shipments of Gulf Coast and overseas gas to the Northeast.
============================================
Fucking awesome
Texans will have to subsidize the Yankees in the Northeast.
Out Fucking standing :thumbsup:
Clap Clap Clap
http://finance.yahoo.com/news/retail-gasoline-prices-8-cents-191211653.html
Retail gasoline prices up 8 cents across Texas
Retail gasoline prices across Texas have gone up eight cents this week.
AAA Texas reported on Thursday that the price of a gallon of regular unleaded gas is $3.24. That's up from last week's average of $3.16, but still 18 cents below the national average.
Dallas drivers are paying an average of $3.30, the highest in the state. El Paso has the cheapest average gas at $2.99.
AAA says prices are being driven up by news about a strengthening economy and refinery issues in five states.
Prices could rise more as a refinery in New Jersey is set to close at the end of the next month.
That will likely require more shipments of Gulf Coast and overseas gas to the Northeast.
============================================
Fucking awesome
Texans will have to subsidize the Yankees in the Northeast.
Out Fucking standing :thumbsup:
Clap Clap Clap
Doppel
Lifer
- Feb 5, 2011
- 13,306
- 3
- 0
Why are you so glad to see others pay more for something? So much hate, so much anger, so much fury. How's it working out for you?
JohnShadows
Member
- Oct 16, 2012
- 85
- 10
- 71
Nothing strange about it.
This year is the Six for Kicks Campaign.
It will be a race to $6 first between Chicago and New York area.
They just shut a huge refinery down in New Jersey permanently on purpose to drive up prices.
The good news is that the A holes of Texas will be paying higher prices as they will be subsidizing the Yankees of the Northeast by having to send tons of refined Gasoline out of their state. :thumbsup:
Doppel
Lifer
- Feb 5, 2011
- 13,306
- 3
- 0
My anger is working out quite well for me says the man who's decisions in life have brought him to the point where he has to ride a bicycle to work. The only gas that still seems relevant to your life is the kind that comes out of your front and behind, and I dare say you produce a great deal of both.
2-1-2013
http://news.yahoo.com/oil-rises-near-98-even-us-economy-contracts-221830991--finance.html
Oil rises near $98 even as US economy contracts
Oil finished near $98 Wednesday, maintaining the momentum that has driven it to four-month highs and pushed up prices at the pump.
The government also said that crude oil supplies rose by 5.9 million barrels last week, more than twice what analysts expected, as imports increased.
Just a few weeks ago a report showing that big an increase in supplies likely would have sunk oil prices. But traders say conditions now favor higher gas prices.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said "there's room for additional upside price progress" and he expects "additional strength to the $100 area.
At the pump, the national average for a gallon of gas jumped 3 cents overnight to reach $3.39 for the first time since Dec. 1. The last time gas rose 3 cents in one day was Aug. 28, when Hurricane Isaac disrupted operations at Gulf Coast refineries, said Tom Kloza, chief oil analyst at Oil Price Information Service. He expects the average to reach $3.43 a gallon by Friday.
http://news.yahoo.com/oil-rises-near-98-even-us-economy-contracts-221830991--finance.html
Oil rises near $98 even as US economy contracts
Oil finished near $98 Wednesday, maintaining the momentum that has driven it to four-month highs and pushed up prices at the pump.
The government also said that crude oil supplies rose by 5.9 million barrels last week, more than twice what analysts expected, as imports increased.
Just a few weeks ago a report showing that big an increase in supplies likely would have sunk oil prices. But traders say conditions now favor higher gas prices.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said "there's room for additional upside price progress" and he expects "additional strength to the $100 area.
At the pump, the national average for a gallon of gas jumped 3 cents overnight to reach $3.39 for the first time since Dec. 1. The last time gas rose 3 cents in one day was Aug. 28, when Hurricane Isaac disrupted operations at Gulf Coast refineries, said Tom Kloza, chief oil analyst at Oil Price Information Service. He expects the average to reach $3.43 a gallon by Friday.
I see the same doom and gloom predictions posted in this thread that I saw when I first joined here 8 months or so ago.
Pretty boring, actually.
Except for one person cheering on others' misery, which is more disgusting than boring.
Pretty boring, actually.
Except for one person cheering on others' misery, which is more disgusting than boring.
Londo_Jowo
Lifer
It's all good as long as you have to pay as much as a dollar a gallon more than I have to pay.
The main reason Texas prices are higher right now is several major refineries in the gulf region are down for maintenance.
Originally Posted by dmcowen674
They just shut a huge refinery down in New Jersey permanently on purpose to drive up prices. Link or you're just posting more of your lies.
It's all good as long as you have to pay as much as a dollar a gallon more than I have to pay.
The main reason Texas prices are higher right now is several major refineries in the gulf region are down for maintenance.
Time and time again it is proven you are the liar and you absolutely suck at Internets 101. There are many search engines that you apparently do not know how to use.
1-28-2013
http://news.yahoo.com/demise-small-hess-refinery-threatens-u-east-coast-000648200--finance.html
Demise of small Hess refinery threatens U.S. East Coast pump pain
Hess Corp's decision to close its U.S. East Coast refinery, the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price spikes for regional drivers as local fuel supplies dwindle further.
Hess will shut the 70,000-barrels-per-day Port Reading, New Jersey plant in late February, as part of a larger restructuring, the company said in a statement on Monday.
U.S. RBOB gasoline futures, already near a record high for this time of year, jumped more than 2 percent after the announcement, as the supply outlook for the Mid-Atlantic and New England markets suddenly looked tighter for the summer driving season.
A tighter East Coast gasoline market could mean national gasoline prices hit $4 a gallon by the spring if international oil prices remain above $110 a barrel, threatening to create additional drag on the struggling economy.
Analysts say the Northeast will have to bring in more crude from other regions to make up for the loss of Port Reading, especially if the remaining refineries are hit by unexpected outages that are common throughout the industry.
In recent years, the East Coast has imported more than a third of its supplies, forcing regional prices to remain high enough to attract shipments from as far away as Europe.
U.S. Gulf Coast refineries have surplus gasoline, but a lack of space on the Colonial Pipeline and a shortage of domestic tankers that comply with U.S. shipping legislation mean they cannot cheaply ship it to customers in the Northeast.
A 40,000-barrels-per-day expansion of the Colonial system into New Jersey is due to be completed this summer, but the closure of Port Reading will likely offset much of the increase in Gulf Coast supply.
PRICE SPIKE
Front-month RBOB gasoline futures traded up more than 2 percent to $2.94 a barrel on Monday after news of Port Reading's impending closure, the highest level for this time of year since the contract began trading in 2005.
Prices of fuel on the East Coast have a large impact on the wider U.S. market, as it is home to New York Harbor, location of the delivery point for the New York Mercantile Exchange's RBOB gasoline and heating oil complex.
"This is a plant that is located near the harbor, and people can be wrong-footed by removing it," said Jan Stuart, Credit Suisse oil analyst.
http://www.nj.com/business/index.ssf/2013/01/closure_of_hess_port_reading_r.html
Closure of Hess' Port Reading refinery means layoffs for 170 employees
Fallout from today's announcement that Hess will permanently close its Woodbridge petroleum refinery by the end of next month was swift: Gas prices rose to their highest levels since October and Hess said it will lay off 170 of 217 employees, exit the refinery business and seek a buyer for its 19 storage terminals. It will focus on exploration and production, the company said.
The news was a surprise to local officials but industry analysts saw it coming.
The 55-year-old refinery in the Port Reading section had lost money in two of the past three years and Hess had cited a weak outlook for gasoline refining margins.
Perhaps the strongest indicator of potential trouble came last April, after Hess agreed to a settlement with federal and state regulators to spend $45 million on pollution controls at the plant over hazardous emissions. It paid a civil penalty of $850,000 at the time of the settlement.
By closing down, Hess avoids having to pay for the controls.
"People in the industry were saying the plant was the walking dead after that"
The closure shook an already volatile oil market, sending gasoline prices inching up, according to AAA Mid-Atlantic. Prices at the pump could continue to rise into the spring and summer "when there is a noticeable supply disruption," said AAA spokeswoman Tracy Noble.
With the closure, Hess lawfully accepted a provision in last years agreement with state and federal regulators to permanently close the refinery and avoid the $45 million in upgrades, the federal Environmental Protection Agency said.
Hess reported $38.4 BILLION in revenues in 2011.
That $45 million in pollution control is about 0.1 % of revenue
Londo_Jowo
Lifer
LMAO at closing a little (not huge) refinery that would cost to much to upgrade.
Originally Posted by dmcowen674
They just shut a huge refinery down in New Jersey permanently on purpose to drive up prices.
LMAO at you thinking $45 million is "too much" for your Industry thug company that makes nearly $40 Billion a year.
and if the loos of this one refinery was "little" then why would there be any impact to the area and the Nation as they said to impact Gasoline and prices?
Industry Thug is as Industry Thug does.
They just shut a huge refinery down in New Jersey permanently on purpose to drive up prices.
LMAO at you thinking $45 million is "too much" for your Industry thug company that makes nearly $40 Billion a year.
and if the loos of this one refinery was "little" then why would there be any impact to the area and the Nation as they said to impact Gasoline and prices?
Industry Thug is as Industry Thug does.
Londo_Jowo
Lifer
Originally Posted by dmcowen674
They just shut a huge refinery down in New Jersey permanently on purpose to drive up prices.
LMAO at you thinking $45 million is "too much" for your Industry thug company that makes nearly $40 Billion a year.
and if the loos of this one refinery was "little" then why would there be any impact to the area and the Nation as they said to impact Gasoline and prices?
Industry Thug is as Industry Thug does.
If you took the time to read/comprehend the article you quoted, Hess is selling off it's refineries and getting out of the business. If you think the price is right, whip out your checkbook and buy the refinery/pay for the upgrades.
OverVolt
Lifer
- Aug 31, 2002
- 14,278
- 89
- 91
Yea, agreed. There is a long-term trend in rising oil prices though. It might seem like they aren't rising, but this is just the new low before another round of rising prices. It boggles my mind to see people buying 6,500lb SUV's still. Because no one will be able to afford to fill it up 10 years from now. Cars typically are on the road for 10-15 years now. The world has IMO hit peak cars. 1 billion cars are on the roads now. Thats alot of future fuel consumption over the next 10 years.
Last edited:
OverVolt
Lifer
- Aug 31, 2002
- 14,278
- 89
- 91
Refineries are middle men. They refine the raw product. We all know this. Its that in this economy, all manufacturing middle men are under extreme profitability compression. It applies to food companies like General Mills, Refineries, etc. Raw costs go up, and consumers are highly resistant to those prices being passed along and so the bulk of the pressure goes on the processing plants.
Drill it out of the ground - super profit
Refine it - hardly any profit
Selling it - hardly any profit
Not everyone in the supply chain is raking in profits like Exxon and BP do.
Londo_Jowo
Lifer
I'm well aware of this as I've worked in refineries and offshore platforms throughout the world. The person you need to educate is McOwned.
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