Prices.... Going Up!!!

[Spitfirejoe]

Unfortunately, the supply side of things is so far down that if demand drops to its level the economy will be in big trouble...

Yep - that's why I pointed out the term. One of the reasons the economy is roaring back is that there was/is so much pent up demand for "stuff", IMOHO. It looks like we can fight off recession, at this point, but bringing the economy in for a "soft landing" has been troublesome in the past to say the least.

 

[Mystic]

WTI~BRENT CRUDE & REFINED FUELS MARKET(S) UPDATE (7 JUNE 2022)

The average price of all grades of gasoline increased by 25 cents per gallon as of COB on 6 June 6 2022, to a record US national average PPG of $4.98 (source: results of survey administered by the US Energy Department’s Energy Information Agency). This marks the seventh consecutive week during which the average PPG for gasoline and diesel fuels increased. For sake of convenience we'll call it $5.00 per gallon.

AVERAGE PPG, GASOLINE (USA), 2006 - 6 JUNE 2022

Source: US Department of Energy / Energy Information Agency (6 June 2022)

AVERAGE COST (PPG) OF GASOLINE IN KEY US MARKETS (6 JUNE 2022)

• California: $6.18
• Massachusetts: $5.08
• Ohio: $4.81
• New York: $4.77
• Florida: $4.73
• Minnesota: $4.60
• Texas: $4.56
• Colorado: $4.59

The price data re: DIESEL is even worse: the average PPG for diesel fuel in USA is, as of 6 June 2022, $5.70 -- a YoY increase of 74%.

AVERAGE PPG, DIESEL (USA), 2006 - 6 JUNE 2022

Source: US Department of Energy / Energy Information Agency (6 June 2022)

WHAT'S IN THE PIPELINE RE: CRUDE OIL FUTURES

WTI crude oil futures climed to $120 per barrel for a few hours on 6 June 2022 before decreasing to end the trading day at $119 per barrel. WTI (and Brent) crude oil futures trading prices have breached their 3-month trading range with this sharp increase, but are still -- adjusted for inflation -- below the peak of $150 a barrel in July 2008.

WTI CRUDE @ 3:52AM EASTERN : YoY JUNE 2021 - 7 JUNE 2022

Source: Trading Economics (7 June 2022)

BRENT CRUDE @ 3:52AM EASTERN : YoY JUNE 2021 - 7 JUNE 2022

Source: Trading Economics (7 June 2022)

The US metropolitan area with the highest average PPG for gasoline and diesel is San Francisco (CA).

UNION 76, SAN FRANCISCO (DOWNTOWN): AFTERNOON OF 6 JUNE 2022


...but not to be outdone, not even by sky-high ~ expensive San Francisco...here's CHICAGO...

BP, CHICAGO (DOWNTOWN): AFTERNOON OF 6 JUNE 2022


Invigorating indeed.

 

[Mystic]

What investors are betting re: the cost of WTI CRUDE & BRENT CRUDE between 7 June 2022 and Q1 2023:

WTI CRUDE FUTURES TRADING (4:10AM EASTERN / 7 JUNE 2022)



BRENT CRUDE FUTURES TRADING (4:10AM EASTERN / 7 JUNE 2022)



If, by Q1/2023, WTI and BRENT crudes are trading at ~ $137/Bbl, expect (minimally) a concomitant 14-15% increase in PPG of GASOLINE and DIESEL, i.e.,

Gasoline @ $5.75 USA AVERAGE PPG
Diesel @ $6.55 USA AVERAGE PPG

 

[OnTheBlitz]

What investors are betting re: the cost of WTI CRUDE & BRENT CRUDE between 7 June 2022 and Q1 2023:

WTI CRUDE FUTURES TRADING (4:10AM EASTERN / 7 JUNE 2022)
View attachment 2586702
View attachment 2586703

BRENT CRUDE FUTURES TRADING (4:10AM EASTERN / 7 JUNE 2022)
View attachment 2586704
View attachment 2586705

If, by Q1/2023, WTI and BRENT crudes are trading at ~ $137/Bbl, expect (minimally) a concomitant 14-15% increase in PPG of GASOLINE and DIESEL, i.e.,

Gasoline @ $5.75 USA AVERAGE PPG
Diesel @ $6.55 USA AVERAGE PPG

Good times @Mystic

Was $4.40 yesterday. $0.19 jump in one day. Suppose I should have filled-up yesterday.

 

[YY1]

10, 15 and 20 cent jumps have been common here.

I watch for trucks and price jumps at high volume stations, then fill up at lower volume ones before they get their truck.

We currently have an anomaly on my way to work.
There's a station in between two others that is 4.57.
The other two, each about 5 miles away on a 4 lane road are 4.75.
I expected the 4.57 station to go up when it got it's truck, but it didn't.
I sat in a 2-3 car per pump line to get that 4.57 gas the day the other two stations went up.
I'm planning to get 1/4 tank if it's still 4.57 on the way home.

 

[Mystic]

Good times @Mystic

Was $4.40 yesterday. $0.19 jump in one day. Suppose I should have filled-up yesterday.
View attachment 2586734

"66" oughtta just remove the word START from their effin' sign.

 

[Mystic]

10, 15 and 20 cent jumps have been common here.

I watch for trucks and price jumps at high volume stations, then fill up at lower volume ones before they get their truck.

We currently have an anomaly on my way to work.
There's a station in between two others that is 4.57.
The other two, each about 5 miles away on a 4 lane road are 4.75.
I expected the 4.57 station to go up when it got it's truck, but it didn't.
I sat in a 2-3 car per pump line to get that 4.57 gas the day the other two stations went up.
I'm planning to get 1/4 tank if it's still 4.57 on the way home.

The Even Newer Math.

It's gonna get to the point @ which savvy gas/diesel buyers will install an application, on a smartphone a/o other smart device, that shows -- in real time -- NRG commodities market price fluctuations, so that one can make the best-informed fuel purchasing decision.

Unreal.

 

[OnTheBlitz]

"66" oughtta just remove the word START from their effin' sign.

Or reverse it and add an 'ing' to 'Jump'

 

[Mystic]

Or reverse it and add an 'ing' to 'Jump'

Yeah, that gets the point across.

 

[OnTheBlitz]

1/1/21 this was $3.99, now:


1/1/21 this was $3.89, now:

 

[Falstaff]

Regular is up to $5.39 a gallon here. Cost me almost $70 to fill up my Camry the other day. Suddenly, electric cars are looking a lot more attractive. At least for bussing around town. Internal combustion for road trips please.

 

[ernieb1536]

Yep - that's why I pointed out the term. One of the reasons the economy is roaring back is that there was/is so much pent up demand for "stuff", IMOHO. It looks like we can fight off recession, at this point, but bringing the economy in for a "soft landing" has been troublesome in the past to say the least.

The economy is not roaring its collapsing ! Inflation is rampid ! Stock market is dropping like a rock ! Peoples retirements are getting wiped out ! To some it’s already a recession or possibly a depression!

 

[Spitfirejoe]

The economy is not roaring its collapsing ! Inflation is rampid ! Stock market is dropping like a rock ! Peoples retirements are getting wiped out ! To some it’s already a recession or possibly a depression!

Thank you for your input.

 

[harman/kardon]

Two weeks ago I ordered 4000 liters fuel oil for 144 eurocents per liter. Tomorrow it will be delivered while the current price is now 164 cents per liter.

This is what I thought before I called the company on 5/24: I will able to live with any price below 150 cents.

Well done.

 

[OBMG74]

What always brings gas prices in perspective for me is filling gas cans to mow the lawn.
Yesterday, $40 for 7 gallons.
I get a lot of mowings for that but it is a true visual of how expensive gas is.

 

[Mystic]

Regular is up to $5.39 a gallon here. Cost me almost $70 to fill up my Camry the other day. Suddenly, electric cars are looking a lot more attractive. At least for bussing around town. Internal combustion for road trips please.

You, like many, are afflicted with the latest thing: carownervirus

 

[OnTheBlitz]

carownervirus

Good one Edwin!

 

[reddodge053]

Fell for the rising gas prices in the 70's embargo,did the waiting in lines,buying gas on odd,even days etc. Im not taking the bait this time, i plan on my truck being last vehicle i purchase. Fool me once shame on you,fool me twice shame on me.

 

[Mystic]

Fell for the rising gas prices in the 70's embargo,did the waiting in lines,buying gas on odd,even days etc. Im not taking the bait this time, i plan on my truck being last vehicle i purchase. Fool me once shame on you,fool me twice shame on me.

Not sure fool is the most operative term.

 

[reddodge053]

Not sure fool is the most operative term.

I'd reckon i coulda used a diff. f word but