Crude Pricing Dynamics

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Y_K

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Several crude grades in North American are already trading inside the single digit territory as the market tries to force some output to shut-in. Canadian Western Select, the benchmark price for the giant oil-sands industry in Canada, fell to $5.06 a barrel on Friday. Southern Green Canyon in the Gulf of Mexico is worth $11.51 a barrel, Oklahoma Sour is changing hands at $5.75, Nebraska Intermediate at $8, while Wyoming Sweet prices at $3 a barrel
 
I wonder what summer blend switch is gonna do ?? Stories have heard tanks full of the winter mix since demand is very low ???


Crazy story, i just filled up $1.39 a gallon (East Dallas Suburb) and talked with station owner "Why so cheap" ?? he told me he JUST sold the Gas station to a new owner since gas is way to low and he cant make enough $$$ to stay in business
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Dave
 
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Pic taken 3/25 in Elkhorn ,WI just north of Lake Geneva.

99 cents per gallon

I maybe remember seeing diesel for that price in 1991? ...

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Originally Posted by blufeb95
But geez, still $.60 more per gallon for high test.


Normal for shale derivatives
 
Originally Posted by Rolla07
Got gas at .80 a liter here...last time i saw that price was ughhh...2003?


We are into the $0.60's now
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this is a double whammy. the virus has caused demand to drop like a rock as no one is going anywhere. combine this with the oil war , its gonna get ugly. But in my part of Wa its still over $2 even at Costco.
 
I'd think that the retailers make a high profit with this as they often slowly drop the pump prices at the same time they buy product cheaply. The reverse is where they can lose $.
 
Speaking of dynamics, WTI oil on Jan 6, 2020 was over $63. It will be 3 months on April 6 since the collapse. Oil closed on Friday at $21.51. Gasoline consumption in the US dropped by over 850,000 bbls per day last week. Average gasoline consumption in the US in 2019 was 9.28 million bbls per day.
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Originally Posted by tcp71
Lowest it's been since the 80s.

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I dunno about that.
I recall when I started driving, complaining about gas being 56.9 in Regina, Sask.
That was in the mid-late 90's.
I'd assume it would have been cheaper in Alberta, considering they generally have the lowest prices.
 
Originally Posted by OVERKILL
Originally Posted by Rolla07
Got gas at .80 a liter here...last time i saw that price was ughhh...2003?


We are into the $0.60's now
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I was just going to say, ya its around .65 cents per liter average around here!
 
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