WetEV
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Mon Apr 20, 2020 6:40 am

WetEV wrote:
Sun Apr 19, 2020 6:48 pm
Oilpan4 wrote:
Sat Mar 28, 2020 12:01 pm
Difficult to refine sulfur filled crud that no one wants may be $5 per barrel.
WTI was below $15 ($14.77) just a bit ago. Lowest price this century.

The heavy "sulfur filled crud" usually sells at about a $15 discount to WTI.

On the other hand, skies are blue, even in places that hasn't happened in decades.
Recently WTI below $11/BBL. A lot of lower grades will likely be below $0/BBL.

A whole lot of oil wells are going to get plugged with concrete.
WetEV
#49
Most everything around here is wet during the rainy season. And the rainy season is long.
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mwalsh
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Mon Apr 20, 2020 1:02 pm

I guess oil futures have now gone ballistically negative.

"Come get our oil, we'll pay you to take it away!"
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LeftieBiker
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Mon Apr 20, 2020 5:13 pm

From joke to reality, in a matter of hours:

https://www.nytimes.com/2020/04/20/us/c ... k-180009fd
Oil plummets as storage capacity runs low, and a quirk in pricing wipes out one benchmark.

Oil prices tumbled on Monday as the economic crisis set off by the pandemic continued to destroy demand for energy and as concerns grew that storage tanks in the United States were near capacity and unable to hold all the unused crude.

Oil that is scheduled to be delivered in June fell 12 percent Monday to about $22 a barrel, but at the same time a benchmark to be delivered next month was essentially deemed worthless. Owing largely to a quirk in the way that oil prices are set, the May benchmark actually fell into negative territory, suggesting people who had oil to sell were willing to pay to have it taken off their hands.

The problem is that the United States is running out of places to store its oil, which is already being stockpiled on barges at sea and in any nook and cranny companies can find in their facilities. Traders are now worrying that even this space is running out. Under futures contracts, West Texas Intermediate — the American benchmark for oil prices — is delivered to Cushing, Okla., but investors are worried that there will be no place there to put it.
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mwalsh
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Mon Apr 20, 2020 6:13 pm

BTW, oil pricing was apparently a portend of the market crash in 2008.

I don't know much about that, but I can tell you that the shock crashes in both 2008 and 1929 were followed by a short, sustained rebound that didn't last. In 2008 it lasted no time at all and in 1929 it lasted about 5 months.

I personally suspect a world more hurt for peoples' 401Ks is imminent. Not mine, because I'm 100% cash already, and have been since November of last year.
2011 Blue Ocean SL with 86,000 miles
2015 pack on 12/30/15
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goldbrick
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Mon Apr 20, 2020 7:27 pm

^I'm with you on this one. It beggars belief IMHO that oil can drop like this without causing a market panic. I guess FOMO is still in place but eventually even that may evaporate. If/when it does, it will be quick.

LeftieBiker
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Mon Apr 20, 2020 7:55 pm

Those who have "cash only" may want to add that it's in a very safe location, away from home. Me, I'd just keep that info to myself...
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Oilpan4
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Mon Apr 20, 2020 9:40 pm

I have begun construction of a 500 gallon diesel tank to take advantage of these interesting times. It's just an old propane tank with a broken valve tree I got from the local agg auction for $80, still needs a containment pad and 2 inch NPT bung welded on the top of the tank and a 1/2 inch NPT water drain on the bottom.
At these prices I'm pretty much just paying the cost of refining and shipping. I'm filling it with non road taxed so won't even be paying tax on it.

I will probably set an all time weight record for leaf towing when I go buy the concrete.
I will also be recycling all the concrete and ceramic tile waste I have collected since late 2017.
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Is going to get you.

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mwalsh
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Tue Apr 21, 2020 2:24 am

LeftieBiker wrote:
Mon Apr 20, 2020 7:55 pm
Those who have "cash only" may want to add that it's in a very safe location, away from home. Me, I'd just keep that info to myself...
LOL! It's still in my 401k, but it's a cash position. I think we only have about $500 in cash at the house.
2011 Blue Ocean SL with 86,000 miles
2015 pack on 12/30/15
Tinted windows
Bosch AGM 12v
Ecopia 422+ tires
L1 EVSE upgrade
FIAMM horns
Superbright LED lighting
2013 sun visors
LED shifter
Heated seats
GT-R map lamp lenses
Altima illuminated door switches

LeftieBiker
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Tue Apr 21, 2020 2:53 am

I think we only have about $500 in cash at the house.

Cool. What's your address? ;)
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
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PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

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mwalsh
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Re: Gas has to cost $3 a gallon before it affects vehicle choice, study says

Tue Apr 21, 2020 7:19 am

LeftieBiker wrote:
Tue Apr 21, 2020 2:53 am
I think we only have about $500 in cash at the house.

Cool. What's your address? ;)
LOL! My wife has is so well hidden that not even I can find it. Good luck to anyone who breaks in!

In fact, I had to ask her where it was the other day, since it was not where we would normally keep our emergency stash.
2011 Blue Ocean SL with 86,000 miles
2015 pack on 12/30/15
Tinted windows
Bosch AGM 12v
Ecopia 422+ tires
L1 EVSE upgrade
FIAMM horns
Superbright LED lighting
2013 sun visors
LED shifter
Heated seats
GT-R map lamp lenses
Altima illuminated door switches

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