oil and petrol drop heavily in wake of Ike

[ProdigalJunkMail]

PETROLEUM ($/bbl)
 	                PRICE*	CHANGE	% CHANGE	TIME
Nymex Crude Future	96.93	-4.25	-4.20	        06:23
Dated Brent Spot	91.94	-3.11	-3.27	        06:53
WTI Cushing Spot	101.18	.58	.58	        09/12
 

PETROLEUM (¢/gal)
 	                        PRICE*	CHANGE	% CHANGE	TIME
Nymex Heating Oil Future	281.50	-12.41	-4.22	        06:23
Nymex RBOB Gasoline Future	258.92	-18.04	-6.51	        06:21

Hopefully the lunacy in GA will end soon and gasoline prices
will adjust accordingly!

sP

[Stuart G]

1. In a few days we will see...a 50 Cent drop in gas per gallon..

and the assholes will still be making ungodly profits...
,,, gas should be $3.00..a gallon, or less not 3.75..

[pnutbutr]

2. $.30

jump over the weekend here despite oil prices dropping. Now it will be another month before they drop back down that $.30

[DemoTex]

8. $1.60/gal increase in places here since Thursday.

Ultra-red Greenville, SC (aka BoJo-Land).

[ProdigalJunkMail]

10. we got hit with about $.80 rise

due to the idiocy of panic buying. WE created the shortage by every idiot and his brother filling up on Friday...

sP

[ProdigalJunkMail]

3. continuing to drop in early morning US trading

WOW


PETROLEUM ($/bbl)
 	PRICE*	CHANGE	% CHANGE	TIME
Nymex Crude Future	94.88	-6.30	-6.23	07:38
Dated Brent Spot	90.04	-5.01	-5.27	08:08
WTI Cushing Spot	101.18	.58	.58	09/12
 

PETROLEUM (¢/gal)
 	PRICE*	CHANGE	% CHANGE	TIME
Nymex Heating Oil Future	274.05	-19.86	-6.76	07:38
Nymex RBOB Gasoline Future	254.12	-22.84	-8.25	07:38

[malaise]

4. Drill baby drill

spill, spill, spill!!

Lots of damage in the Gulf. They are playing deadly games.

add

[melm00se]

5. wholesale gasoline

price is $2.5614/gallon.

i have a few questions:

does that figure include federal gas tax? i can't believe that it would include state gasoline taxes, correct?

[ProdigalJunkMail]

6. that is the futures price on the open market

and i am 99% sure that it includes no taxes...

sP

[melm00se]

7. ok, then $2.56/gallon

+ $0.184 (federal tax) + $0.3015 (NC gas tax) comes out to $3.0455. the delta between that and the pump selling price ($4.05/gallon this morning) is the profits for the regional/local distributors and the retailers. From what I can gather the profit margin for the quicky-mart is in the 4-5% range so that leaves the bulk of the money to be made at the distribution layer; which in most industries, like the high tech industry (mine), is the lowest profit margin.

hmmm....

[ProdigalJunkMail]

9. yes...the kwikky-mart (spell it RIGHT :-) )

makes very very little. but it still very high from traditional diff between the futures market and the price at the pump. i have been tracking it for about three years now and during that time-frame it has averaged about $.60 above futures at the pump...don't know all the ins and outs of it all, but have been watching it closely. i would expect GA gas prices to fall drastically in the next few days. if my math hold and the trend continues we should see close to $3.15 a gallon soon...

a far cry from the $.68/gal i paid back in 1998...

sP

[Waiting For Everyman]

11. but... but... supply & demand...

:sarcasm:

Looks like the hedges have to sell what's left of their speculating.

[ProdigalJunkMail]

12. i would bet that people are positioning their

money to buy into the markets at a bargain after the carnage today...lots of people getting hurt right now, lots of people making a killing when it settles out.

sP