Oil news not good today

[Owen Lucas]

We should probably open a different thread on this - but Kraken just secured a direct Fed master account and direct access to Fed payment system. For institutionals only at this point - but this is moving FAST.

So basically anyone in the world will be able to use USD to pay locally?

Kind of backdooring the Dollar into any economy through someone's cell phone? No Visa, MC, or SWIFT, just QR code or zap it over to your acct.

Thereby giving it a stronger foothold for the dollar. I guess it is moving fast because maybe the Chinese are onto this as well and 1st mover might get faster adoption.

 

[stormgol]

Iran has the third largest oil reserves on Earth. 80% of it's entire oil production is exported to China. all the big players are making their moves on the World stage. this is the biggest move i have seen in my lifetime. and i approve it.

 

[addyguy]

I’m actually shocked prices haven’t gone up more, a lot more.
Gas prices were $1.20 before they started, they are now $1.33-1.36…nothing considering what is happening…20% of the worlds oil ‘offline’ overnight…
Also shocked China isn’t angrier - they are all business, and this is mucking up their ‘energy in, cheap products out’ way of doing business…I’d thought they’d have stepped in by now…

 

[rstsco]

Just got home from driving from the daughter's in Madison, Wi. 19 hours of driving straight through with a brief stop in Oklahoma City to have dinner with my son and 3 granddaughter's.

The price of regular unleaded, 87 octane with 10% ethanol was $2.99(9) the whole trip, with one each $2.94(9) and $2.95(9). The Shell premium cost $3.99(9) with one tank of $4.04(9). All of these were 91 octane, ethanol free. It was a jump from last week going to Wisconsin, but I was expecting it to be greater with more variablility from state-to-state.

 

[4wd]

I’m actually shocked prices haven’t gone up more, a lot more.
Gas prices were $1.20 before they started, they are now $1.33-1.36…nothing considering what is happening…20% of the worlds oil ‘offline’ overnight…
Also shocked China isn’t angrier - they are all business, and this is mucking up their ‘energy in, cheap products out’ way of doing business…I’d thought they’d have stepped in by now…

And circumventing the global market - perhaps they don’t want too much sunlight on shadow tankers …

 

[Snagglefoot]

I’m actually shocked prices haven’t gone up more, a lot more.
Gas prices were $1.20 before they started, they are now $1.33-1.36…nothing considering what is happening…20% of the worlds oil ‘offline’ overnight…
Also shocked China isn’t angrier - they are all business, and this is mucking up their ‘energy in, cheap products out’ way of doing business…I’d thought they’d have stepped in by now…

Amazing how fast things change in under a week. Here is Friday’s traded price for gasoline. Mods, did a screen shot to keep updated.

 

[Snagglefoot]

According to the Joint Marine Information Center, vessel traffic in the Strait of Hormuz in the 24 hours to Thursday, March 6 went from a daily average of 138 to 2. There are several marine traffic apps to follow this.

Try www.marinetraffic.com

Mods, here is a screen shot from Marine Traffic to show activity in the Strait of Hormuz.

 

[PWMDMD]

I just received this from my oil supplier.

 

[Pablo]

I just received this from my oil supplier.

View attachment 327227

Unprecedented? He's lying.

 

[Snagglefoot]

Qatar halted LNG production at its Ras Laffan hub, the world’s larger LNG complex and issued force majeure notices to buyers. Kuwait is shutting in it’s oil production down to an amount for domestic demand.

 

[BobsArmory]

Diesel in my area of Michigan jumped from about $3.30 to $5 per gallon. Gasoline only went up about 30ish cents. Good thing I have a nearly full tank of diesel & that should last me about 6 weeks.

 

[Snagglefoot]

This might be interesting. It’s a list of world countries with their daily oil consumption. Mods, I thought this screen shot from wiki would save time for everyone.

 

[PWMDMD]

Unprecedented? He's lying.

You have to sell the moment to get ahead of customer anger being directed at the supplier. That statement simply says it's out of their hands and it hurts them too. Much like the constant misunderstanding that people have about the negative impact of low oil/gas prices on oil/gas producers, lots of people will believe the local oil company distributing the oil somehow makes out from increases in prices. Of course, the opposite is true, as this will lead to all sorts of customer behaviors that lower oil demand and they will sell less oil over the coming months.

Also, that was the least important thing stated here to me.

 

[D1dad]

Agreed. They also threaten the US fleet.

Do you believe those missiles still exist? Do you believe those sites are still operational?

The Iranians claim, today, that their missiles forced the USS Lincoln to withdraw from the region. Really?

Two days ago they claimed that they had hit the carrier with four ballistic missiles.

Which was not true.

My son is in the navy so I have special interest in these carriers being hit. The Lincoln was not. My wife’s an absolute wreck.

 

[pbm]

Once this is all over, and hopefully soon, I predict that oil prices will drop just on the news of the IRGC capitulating / being destroyed.

Supposedly the baddies are running out of drones and have been operating without "central command" for a while and just aiming at predetermined coordinates / operating autonomously.

What the heck do I know, my prediction is this party is over in 2 weeks.

I agree this won't last long....at least our further participation in it won't IMO.

 

[SC Maintenance]

You have to sell the moment to get ahead of customer anger being directed at the supplier. That statement simply says it's out of their hands and it hurts them too. Much like the constant misunderstanding that people have about the negative impact of low oil/gas prices on oil/gas producers, lots of people will believe the local oil company distributing the oil somehow makes out from increases in prices. Of course, the opposite is true, as this will lead to all sorts of customer behaviors that lower oil demand and they will sell less oil over the coming months.

Also, that was the least important thing stated here to me.

They will tack the same margin rate on higher base prices. Same for every middleman in every industry. So higher prices better for them actually.

 

[Astro14]

My son is in the navy so I have special interest in these carriers being hit. The Lincoln was not. My wife’s an absolute wreck.

One Navy guy to another - thank him for his service. I spent some time at sea aboard USS Lincoln when she was brand new.

 

[Owen Lucas]

Amazing how fast things change in under a week. Here is Friday’s traded price for gasoline. Mods, did a screen shot to keep updated.

View attachment 327224

Where was gas $1.75?

$2.75 is still pretty good!

By me its $3.30 last I checked 2 days ago.

 

[ripcord]

Unprecedented? He's lying.

Yep. No such things as unprecedented.

 

[Pablo]

Yep. No such things as unprecedented.

Define almost unprecedented. It’s a little silly because most energy suppliers be they co-ops or what have you really have very limited options beyond jacking up for the end user.