Gas Prices up 21 Cents in last two days.

[Al]

Don't go buy that SUV right now

"The BP refinery in Texas City (search), Texas, produces 30 percent of the company's North American supply of petroleum products, and 3 percent of the U.S. gasoline supply. It processes about 430,000 barrels of crude oil a day.

The cause of the explosion, which left 14 people dead and more than 100 injured, was not immediately known. It occurred in a part of the plant used to boost the octane level of gasoline."

 

[k1xv]

?????

Isn't this story about 18 months old? Al, did you just come out of a coma?

 

[ToyotaNSaturn]

Up 21 cents? They've been going down steadily...now about $1.939 per gal 'round here..

 

[Al]

Yea..you are are right my bad

. Gotta watch thole dates. I wass just trying to figure out why they went up so drastically. However gas prices are up 21 cents in the last two days. Unless its a quick spike you'll see that 20 cents at the pump next week.

 

[Patman]

Our prices have shot up this week too. On Wednesday morning all of the stations here were at 85.5 cents per liter, or $2.78US per gallon. This morning they are now at 91.5 cents per liter, or $2.98 per gallon.

So we've shot up 20 cents too.

But I've now switched to using 89 octane for the cold months instead of 91, so I'm saving 16 cents per gallon on that switch.

 

[Shannow]

we're still $3.10(US/USGal), Katrina was another notch on the ratchet.

Fortunately Caltex made a record profit.

 

[Master ACiD]

its $2.17 here in key largo, florida.

 

[Slick17601]

I did go up 6 cents in Lancaster yesterday, now $2.05.

 

[Amkeer]

Its going back up so don't get to comfortable with these prices. Its a technical thing. In any event $2.50 a gallon will be back very soon. At least it came down due to investigations and technical events around the holidays.

 

[Master ACiD]

when do you suspect the price will go back up?

 

[LubeOiler]

I always thought Canada gas was much higher than the states to pay for health care. But Gas in Palm Beach County is always .40 cents higher than every where else about $2.59 for Shell or Texaco. My Health Insurance for just me is $904 a month BCBS of Fla. So Canada looks better all the time. Too Cold though (woos).

 

[Amkeer]

Now!

 

[Al]

"when do you suspect the price will go back up? "

When ever the delivery truck gets to the gas station. The spot market which reflects the cost of gas on the NY Mercantile is a functure of the Futures price. It really doesn't have anything to do with the "investigations"

We'll just have to wait til Monday to see where the price goes from the $1.60 price. I believe that the refined products that were sent free gratis from Kuwait are probably done by now. In addition the refineries are making lots of heating oil. People have pretty much gone back to the non-conserving mode so everything points to gas steadily going up to the $2.50 mark as was stated. I think it will be there by mid spring or so.

If the price falls back from $1.61 significantly on Monday you might not see more than a dime increase next week. But if it stays the same or goes up some (which I think is likely) the 20 + cent hike will be pretty widespread by the end of the week.

And if people get jittery and start filling up it will go higher and we are in for a new round of hikes.

 

[Amkeer]

Al,

It has alot to do with the investigations as I have explained in previous threads the past 6 months. The threat of investigations is all thats needed to damage the technicals since profits will be taken. The chart you posted reads like a book. The profit taking sellers will become buyers again. If we had steller news at this junction we could drive prices lower, but buyers will point to refining shortages and demand as well as colder than normal winter which will increase delays in deliveries. Without a catastrophy I don't see increases to Septembers spike.

 

[Gary Allan]

Although I don't know how the rest of the winter is going to turn out ..this one, so far, has been warm. Although techincally still Fall ..we almost set the all time high for temp a couple of days ago that had stood for something like 80 years or so (I don't recall the real number - but it was ancient history to me

). I'm easily a full tank of heating oil ahead from last season.

We're at our post Katrina low of about $2.00/gallon for 87.


One thing I noted, and this could surely be due to the explosion that Al posted. The spread between 87 and 9X used to be 14-16 ..always. 89 sat in the middle. Then Katrina sent the spread to $0.10 between grades ..and now it's $0.10 and $0.30 for each step up in octane, IIRC (I only buy reg).

 

[Ron Jeremy]

Expect another major spike when someone finally mans up and takes a shot at Iran's nuke facilities.

 

[Cutehumor]

$1.91 at the local BP in clarksville. wow, I'm conditioned to think $1.91/gallon is a great price! 1.20/gallon is more like it!

 

[MarkC]

$2.39 for Shell across the lake from Seattle.I saw Chevron down the street after I had already filled up for $2.33. Two weeks ago, I paid $2.49, two weeks before that $2.68.
The cheaper stuff can be had at Arco for usually a dime or so less than the others.

 

[Shannow]

Still $3.50UIS per US Gal...someone let the Oz oil industry know when Katrina is over...please.

 

[Amkeer]

Al,

Its all technical analysis based stuff. Its plain as day for me to understand these undulations and why they occur. The "investigations" and "blow off" weakened the uptrend short term and escalated selling creating an avalanche effect sending the futures down dramatically hence lower prices. The futures further blew through the lower trendline indicating bearish sentiment short term. This brings the futures right down to what I consider support at which point is a setup that will normally induce buyers to buy. How far up from here who knows....My hopes are that the technicals further breakdown with some good news and warmer weather, but there is too much money betting that it will go up, hence the manipulation will make the price rise.