WTI Oil at $109/$110 a barrel--Sun Evening

113,122 Views | 967 Replies | Last: 3 days ago by No Spin Ag
EFR
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The irony of MAGA using sycophant to describe someone else is amazing.
Prosperdick
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AG
The irony of the left using the term "irony."
BrazosDog02
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Oof. Two weeks. Nice job, jack!

Well, at least Diesel will be back to 3.19 a gallon tomorrow...right? RIGHT? RIGHT????
samurai_science
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EFR said:

The irony of MAGA using sycophant to describe someone else is amazing.

Define MAGA please
Ag_of_08
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AG
Whatboutism is flowing strong I see. Pulling the classic Obama "blame the last guy for everything!" Move
Logos Stick
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FlyRod said:

Dated Brent.$144.46/bbl as i write this. Great job.


This aged like hot milk in the sun.
normalhorn
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WTI front month trading at $92-ish as I type this. Down $20 in just over 12 hours
No Spin Ag
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Prosperdick said:

The irony of the left using the term "irony."

The irony of either side being able to spell irony without AI or spell check.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
No Spin Ag
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normalhorn said:

WTI front month trading at $92-ish as I type this. Down $20 in just over 12 hours

Oil Prices drop like a rock, stocks jump like a rocket ship, which likely means the rich are able to become even richer by these frequent shifts in policies/agreements regarding Iran.

Gas prices, groceries, etc. not coming down like a rock likely means people who aren't like us aren't happy that they have less money in their wallets every time they go to the pump or grocery store.


But, as long as the rich keep getting richer, do they really care about anything else.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
DCPD158
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AG
My Exxon stocks just took a 11k hit. Ouchie

so far...
Company I-1, Ord-Ords '85 -12thFan and Websider-
docb
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BrazosDog02 said:

Oof. Two weeks. Nice job, jack!

Well, at least Diesel will be back to 3.19 a gallon tomorrow...right? RIGHT? RIGHT????

$5.49 a gallon now by me. By far the highest price I've ever seen.
BigRobSA
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Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.
Who?mikejones!
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BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing
BigRobSA
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Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing


True

But it lends faux credibility to the idea that "Big Oil" is gouging everyone. Most people don't realize...nor care to learn about ... the process/system intricacies. To them, if it ****s with their money, they get pissed. And I can understand that.
The Sun
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DCPD158 said:

My Exxon stocks just took a 11k hit. Ouchie

so far...


Or...here me out...they were just inflated 11k due to the conflict. I took 25% off the table at $173. That was not a realistic price.
Sims
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The Sun said:

DCPD158 said:

My Exxon stocks just took a 11k hit. Ouchie

so far...


Or...here me out...they were just inflated 11k due to the conflict. I took 25% off the table at $173. That was not a realistic price.

That's one way to put it. I would offer that price discovery is working with respect to Exxon. Compared to European super majors, Exxon is much less exposed to disruptions through the strait and it is a distinct strategic advantage.

They are definitely involved in QatarEnergy but any negative to QatarEnergy LNG portfolio definitely beneifts Golden Pass LNG.

Their helium plant in LaBarge is also direct beneficiary of Hormuz closures from a pricing leverage standpoint.

I'd bet that less than 15% of Exxon's portfolio is Hormuz exposed and I think the price action on their stock reflects that more clearly now.
aggiedata
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No Spin Ag
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aggiedata said:




Someone needs to tell the gas stations in the LBK, cause they're not doing any of that collapsing. At least not on my drive at lunch.

Maybe a mass text or something?
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
BrazosDog02
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Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.
tysker
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BrazosDog02 said:

Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.

Those F16 posters have been channeling their inner Jerome Powell.... 'The inflation is just transitory.'

Never admitting that inflation is cumulative and harms lower-income earners, savers, and fixed-income families.
javajaws
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AG
tysker said:

BrazosDog02 said:

Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.

Those F16 posters have been channeling their inner Jerome Powell.... 'The inflation is just transitory.'

Never admitting that inflation is cumulative and harms lower-income earners, savers, and fixed-income families.

Inflationary price increases never go down because costs never go down. Inflation may go to 0 even but that will never get you back to previous prices. To think otherwise just shows a complete inability to comprehend what inflation is and how it works.

Gas prices on the other hand like we are seeing now aren't inflationary cost increases - they are from supply/demand issues. Those costs WILL go back down, as they always have in the past.
Who?mikejones!
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javajaws said:

tysker said:

BrazosDog02 said:

Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.

Those F16 posters have been channeling their inner Jerome Powell.... 'The inflation is just transitory.'

Never admitting that inflation is cumulative and harms lower-income earners, savers, and fixed-income families.

Inflationary price increases never go down because costs never go down. Inflation may go to 0 even but that will never get you back to previous prices. To think otherwise just shows a complete inability to comprehend what inflation is and how it works.

Gas prices on the other hand like we are seeing now aren't inflationary cost increases - they are from supply/demand issues. Those costs WILL go back down, as they always have in the past.


What i experience is not that. I agree with you on the inflation points though.

I experience an increase in cost, blamed on fuel cost and/or shipping cost, but when the fuel prices recede, do not see the same reductions in costs. Maybe its that a supplier realized there is more room in what the market can bear so they keep the prices at an elevated level.

I dunno, but I suppose thats it
Equinox
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$3.79 at the OXXO close to my house. Was $4.14 a couple of days ago.
91_Aggie
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AG
$3.86 at HEB today. Was $3.65 yesterday
Deerdude
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Diesel $4.49 in Marble Falls. Was same price yesterday before ceasefire.
samurai_science
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Who?mikejones! said:

javajaws said:

tysker said:

BrazosDog02 said:

Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.

Those F16 posters have been channeling their inner Jerome Powell.... 'The inflation is just transitory.'

Never admitting that inflation is cumulative and harms lower-income earners, savers, and fixed-income families.

Inflationary price increases never go down because costs never go down. Inflation may go to 0 even but that will never get you back to previous prices. To think otherwise just shows a complete inability to comprehend what inflation is and how it works.

Gas prices on the other hand like we are seeing now aren't inflationary cost increases - they are from supply/demand issues. Those costs WILL go back down, as they always have in the past.


What i experience is not that. I agree with you on the inflation points though.

I experience an increase in cost, blamed on fuel cost and/or shipping cost, but when the fuel prices recede, do not see the same reductions in costs. Maybe its that a supplier realized there is more room in what the market can bear so they keep the prices at an elevated level.

I dunno, but I suppose thats it

Free market with competition will solve this, eventually
BrazosDog02
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AG
samurai_science said:

Who?mikejones! said:

javajaws said:

tysker said:

BrazosDog02 said:

Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.

Those F16 posters have been channeling their inner Jerome Powell.... 'The inflation is just transitory.'

Never admitting that inflation is cumulative and harms lower-income earners, savers, and fixed-income families.

Inflationary price increases never go down because costs never go down. Inflation may go to 0 even but that will never get you back to previous prices. To think otherwise just shows a complete inability to comprehend what inflation is and how it works.

Gas prices on the other hand like we are seeing now aren't inflationary cost increases - they are from supply/demand issues. Those costs WILL go back down, as they always have in the past.


What i experience is not that. I agree with you on the inflation points though.

I experience an increase in cost, blamed on fuel cost and/or shipping cost, but when the fuel prices recede, do not see the same reductions in costs. Maybe its that a supplier realized there is more room in what the market can bear so they keep the prices at an elevated level.

I dunno, but I suppose thats it

Free market with competition will solve this, eventually

It will kinda but not really.

The free market dictates the minimum price and consumers will choose amongst the available options. My suppliers are all 'about the same' in costs.

For example, prices for my 'widget' went from $1,000 dollars to $1,500 with the price hike and added fuel costs and my minimum required profit margin. Even if fuel costs drop 50% tomorrow morning, at best, I might lose a fuel surcharge from parts and suppliers. So, the overall price of the widget will only go down to say $1,350.

My competitors and I are going to keep prices at the same point to stay in business, offset early losses, and prevent volatile price changes. So, the free market might want that widget for $1,000, but their options for the widget will now be $1,350, $1,360, and $1,340.

That's why this whole bull crap 'war' was largely a waste of resources, time, effort, and money for the American consumer and why so many people are pissed off about it.

samurai_science
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BrazosDog02 said:

samurai_science said:

Who?mikejones! said:

javajaws said:

tysker said:

BrazosDog02 said:

Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.

Those F16 posters have been channeling their inner Jerome Powell.... 'The inflation is just transitory.'

Never admitting that inflation is cumulative and harms lower-income earners, savers, and fixed-income families.

Inflationary price increases never go down because costs never go down. Inflation may go to 0 even but that will never get you back to previous prices. To think otherwise just shows a complete inability to comprehend what inflation is and how it works.

Gas prices on the other hand like we are seeing now aren't inflationary cost increases - they are from supply/demand issues. Those costs WILL go back down, as they always have in the past.


What i experience is not that. I agree with you on the inflation points though.

I experience an increase in cost, blamed on fuel cost and/or shipping cost, but when the fuel prices recede, do not see the same reductions in costs. Maybe its that a supplier realized there is more room in what the market can bear so they keep the prices at an elevated level.

I dunno, but I suppose thats it

Free market with competition will solve this, eventually

It will kinda but not really.

The free market dictates the minimum price and consumers will choose amongst the available options. My suppliers are all 'about the same' in costs.

For example, prices for my 'widget' went from $1,000 dollars to $1,500 with the price hike and added fuel costs and my minimum required profit margin. Even if fuel costs drop 50% tomorrow morning, at best, I might lose a fuel surcharge from parts and suppliers. So, the overall price of the widget will only go down to say $1,350.

My competitors and I are going to keep prices at the same point to stay in business, offset early losses, and prevent volatile price changes. So, the free market might want that widget for $1,000, but their options for the widget will now be $1,350, $1,360, and $1,340.

That's why this whole bull crap 'war' was largely a waste of resources, time, effort, and money for the American consumer and why so many people are pissed off about it.



A real free market would solve this eventually. For example a new competitor could enter the market with a cheaper or better product forcing the competitors to actually compete and not work together to keep prices up.
EFR
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While I agree with you, sadly we do not live in a true free market as described in an economics textbook, which is why Brazos is correct.
jja79
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AG
91_Aggie said:

$3.86 at HEB today. Was $3.65 yesterday


There's a lot of HEB stores. Where is this?
No Spin Ag
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samurai_science said:

BrazosDog02 said:

samurai_science said:

Who?mikejones! said:

javajaws said:

tysker said:

BrazosDog02 said:

Who?mikejones! said:

BigRobSA said:

Still $3.999 by me for regular unleaded.

The fact that it shoots up super fast but goes down extra slowly has bad optics to the common man.


At least they come down?

In my industry, prices only go up, for any reason required, then never come down again, even if the reason wasnt a permanent thing

Bingo.

It's the same in ALL industres. That's why it's frustrating to read clueless f16 posters say "it's only temporary". Your fuel might go down, but the overall prices don't ever go back where they were. My prices are a non negotiable profit margin added to my cost. If my supplies don't go down, my cost doesn't go down, and the price stays where it is. In the end, the consumer just pays more for goods and services.

Those F16 posters have been channeling their inner Jerome Powell.... 'The inflation is just transitory.'

Never admitting that inflation is cumulative and harms lower-income earners, savers, and fixed-income families.

Inflationary price increases never go down because costs never go down. Inflation may go to 0 even but that will never get you back to previous prices. To think otherwise just shows a complete inability to comprehend what inflation is and how it works.

Gas prices on the other hand like we are seeing now aren't inflationary cost increases - they are from supply/demand issues. Those costs WILL go back down, as they always have in the past.


What i experience is not that. I agree with you on the inflation points though.

I experience an increase in cost, blamed on fuel cost and/or shipping cost, but when the fuel prices recede, do not see the same reductions in costs. Maybe its that a supplier realized there is more room in what the market can bear so they keep the prices at an elevated level.

I dunno, but I suppose thats it

Free market with competition will solve this, eventually

It will kinda but not really.

The free market dictates the minimum price and consumers will choose amongst the available options. My suppliers are all 'about the same' in costs.

For example, prices for my 'widget' went from $1,000 dollars to $1,500 with the price hike and added fuel costs and my minimum required profit margin. Even if fuel costs drop 50% tomorrow morning, at best, I might lose a fuel surcharge from parts and suppliers. So, the overall price of the widget will only go down to say $1,350.

My competitors and I are going to keep prices at the same point to stay in business, offset early losses, and prevent volatile price changes. So, the free market might want that widget for $1,000, but their options for the widget will now be $1,350, $1,360, and $1,340.

That's why this whole bull crap 'war' was largely a waste of resources, time, effort, and money for the American consumer and why so many people are pissed off about it.



A real free market would solve this eventually. For example a new competitor could enter the market with a cheaper or better product forcing the competitors to actually compete and not work together to keep prices up.


Or, the new competitor can enter the market with something cheaper, to gain footing, then raise their prices to match everyone else.

Also, unfortunately, it's not as if there's new convenience stores and gas station companies opening up to the point that it would make that kind of effect. If only, though.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
Equinox
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$2.79 in Lubbock today.
BigRobSA
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Equinox said:

$2.79 in Lubbock today.

$3.859 in SA
texsn95
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AG
Sunrise over the black gold fields of Mississippi Canyon

No Spin Ag
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Equinox said:

$2.79 in Lubbock today.


Where was that? The lowest I saw was $2.99 at the Walmart on 114th and Quaker.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
 
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