Oil/Gas prices gonna go up?

[fdcg27]

We'll see where the futures market settles tomorrow afternoon.
I'm guessing there won't be a huge impact, as there would have been at one time.
Ten years ago, an event like this would have had a strong and swift effect on worldwide oil prices, but probably not so much today.
There is plenty of slack capacity just looking for a little uptick in price to splash out into the market and OPEC is looking to restrain their output anyway.
IMO, production capacity is no longer the primary driver of product prices.
Refinery capacity is.

 

[4WD]

Chicken Dinner right there for fdcg27…

Hurricanes hitting the Houston area backs your comments

 

[Bjornviken]

Yes they will...

 

[bullwinkle]

Originally Posted by LotI
I hope oil goes up because I'm sick of dodging bigger and bigger trucks every day.

I hope oil stays the same because I have a big truck which gulps 11.5g/100 miles.

There were at least 2 threads about this yesterday that are gone, must have turned political.
My biggest concern about this is multiple factors possibly combining to cause a large inflation spike, which combined with an economy already showing signs of a recession, will push us into a full blown recession. I hope not.

 

[CT8]

I would guess, yes they will go up.

 

[CarbonSteel]

Hmmm...let's see:

Wind blows from South, oil prices go up
Wind blows from North, oil prices go up
Wind blows from East, oil prices go up
Wind blows from West, oil prices go up
Wind does not blow, oil prices go up

So, yeah...

 

[Bjornviken]

Originally Posted by 2015_PSD
Hmmm...let's see:

Wind blows from South, oil prices go up
Wind blows from North, oil prices go up
Wind blows from East, oil prices go up
Wind blows from West, oil prices go up
Wind does not blow, oil prices go up

So, yeah...


...‚ðŸ‘

 

[53' Stude]

Originally Posted by Linctex
Originally Posted by 53' Stude
Originally Posted by 4WD
Our gasoline is cheap today ... we'll see


Well, gas in my area has been $2.35-$2.49 and coming home last night it was $2.40 at a KWIK Fill thats within walking distance to me.


I wouldn't be surprised one bit to see it go up 40 cents to 50 cents higher in just a few days,



I was taught also by a wise individual that each states taxes on fuel, etc make a big difference. Guess that person was wrong hmmmm......

 

[SeaJay]

No impact on spot prices of crude oil yet. I don't think this will have a huge impact in gasoline prices at the pump.

 

[Hall]

Originally Posted by Mad_Hatter
Originally Posted by bullwinkle
I'd love to know why all the threads on this keep disappearing...

Has there been other threads? I hadn't looked...I don't see why this should be deleted, it's kinda big deal. "Only" 5% of the WORLD'S oil production just got turned off!!!

This will be the third one (that I know of). Apparently talking about oil or oil prices isn't allowed now ?

 

[spk2000]

Usually the possibility that oil might go up instantly drives gas up even thought the oil hasn't gone up yet. Then when the oil doesn't go up it is very slow to come back down.

 

[Warstud]

Originally Posted by SeaJay
No impact on spot prices of crude oil yet. I don't think this will have a huge impact in gasoline prices at the pump.

It really shouldn't.....apparently we get most of our oil from Canada...40% and less than 10% from SA

 

[Hall]

Originally Posted by spk2000
Usually the possibility that oil might go up instantly drives gas up even thought the oil hasn't gone up yet. Then when the oil doesn't go up it is very slow to come back down.

Very true ! Do you have Speedway gas stations in your area ? According to Gas Buddy they haven't went up yet today but I will not be surprised if they do tomorrow. I've got half a tank so I'll probably top it off today when I run an errand.

 

[Hall]

Originally Posted by Warstud
Originally Posted by SeaJay
No impact on spot prices of crude oil yet. I don't think this will have a huge impact in gasoline prices at the pump.

It really shouldn't.....apparently we get most of our oil from Canada...40% and less than 10% from SA

From what I've seen, using logic like that doesn't make a difference. They'll still raise prices. I guess you could call it a trickle effect - we get our oil from Canada but with this loss of production, some Canadian oil will need diverted to offset Saudi production losses and so on and so on.

In years past, we'd see a big spike in pump prices and back then, the TV news would ask the oil distributors why and it could be "an unexpected refinery shut in California" was the reason. Huh ? Does oil/gas sold here come from there ? Nope

 

[Mad_Hatter]

Originally Posted by hallstevenson
Originally Posted by Mad_Hatter
Originally Posted by bullwinkle
I'd love to know why all the threads on this keep disappearing...

Has there been other threads? I hadn't looked...I don't see why this should be deleted, it's kinda big deal. "Only" 5% of the WORLD'S oil production just got turned off!!!

This will be the third one (that I know of). Apparently talking about oil or oil prices isn't allowed now ?

Assuming discussion doesn't devolve into politics, and yes that's a big if, that's just silly. Isn't this Bob is the OIL guy?

 

[Mad_Hatter]

Originally Posted by spk2000
Usually the possibility that oil might go up instantly drives gas up even thought the oil hasn't gone up yet. Then when the oil doesn't go up it is very slow to come back down.

I believe you are correct.

Originally Posted by Warstud
Originally Posted by SeaJay
No impact on spot prices of crude oil yet. I don't think this will have a huge impact in gasoline prices at the pump.

It really shouldn't.....apparently we get most of our oil from Canada...40% and less than 10% from SA

You'd think it shouldn't but it does. A shortage of crude in one region has a knock on effect, it creates demand for crude originating in others.

 

[Mad_Hatter]

Originally Posted by hallstevenson
Originally Posted by Warstud
Originally Posted by SeaJay
No impact on spot prices of crude oil yet. I don't think this will have a huge impact in gasoline prices at the pump.

It really shouldn't.....apparently we get most of our oil from Canada...40% and less than 10% from SA

From what I've seen, using logic like that doesn't make a difference. They'll still raise prices. I guess you could call it a trickle effect - we get our oil from Canada but with this loss of production, some Canadian oil will need diverted to offset Saudi production losses and so on and so on.

In years past, we'd see a big spike in pump prices and back then, the TV news would ask the oil distributors why and it could be "an unexpected refinery shut in California" was the reason. Huh ? Does oil/gas sold here come from there ? Nope

A shut down in a CA refinery has a knock on effect (see above). The refiner, in this case Chevron, can divert crude or refined product in one area of the country to supplant production loss in another. That diversion reduces availability of crude and it's refined products in the region it was diverted from - raising prices. These things don't operate in a vacuum...

 

[Hall]

Originally Posted by Mad_Hatter
A shut down in a CA refinery has a knock on effect (see above).

See above, like my post where I said the same thing about Canadian oil ? On paper, that's an easy excuse for everyone to raise prices everywhere and that's what they'll do. In many cases, I'd suspect that a refinery shutdown, if it lasts short enough time, could be "weathered" by suppliers without panicking and raising prices. Then again, they don't need any reason. Around here, we routinely see jumps in pricing in a single jump of $0.50 and $0.60/gallon.

 

[kschachn]

Originally Posted by hallstevenson
See above, like my post where I said the same thing about Canadian oil ? On paper, that's an easy excuse for everyone to raise prices everywhere and that's what they'll do. In many cases, I'd suspect that a refinery shutdown, if it lasts short enough time, could be "weathered" by suppliers without panicking and raising prices. Then again, they don't need any reason. Around here, we routinely see jumps in pricing in a single jump of $0.50 and $0.60/gallon.

Yeah well welcome to products that are commodities. It happens to all of them. Prices aren't always dictated by supply and demand, world events and fears are highly relevant.

 

[Warstud]

Brent is up about 12% >>>>>>> https://www.investing.com/