Gas prices

  • Thread starter Thread starter theel4life
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Not a huge player or anything, but even one party in an industry declaring FM (meaning you can’t meet your external contracted obligations due to forces beyond your control like war; a lot of contracts contain a force majeure clause that means that if a party can’t deliver due to forces beyond majeure they are not subject to penalties or termination, so long as the FM doesn’t last more than some agreed period, often 30-180 days, depending on the time horizon of the contracted commodity or service) can rattle a market.
 
I live in a heavy Maga area. When gas was up under Biden the "I did that" stickers were on every pump; lets see if they start showing up now. I expect to see it $3.69 in a day or two
 


“… The Financial Times reported that Fatih Birol, the executive director of the International Energy Agency, will head a call with G-7 finance ministers to discuss the conflict at 8:30 a.m. Eastern time.

…
Some U.S. officials would like to see a joint release of about 25% to 30% of the overall 1.2 billion barrels held, or 300 million to 400 million barrels, one source told the FT. That would mark the largest amount of oil released from reserves since the IEA’s inception.

Since the reserves were set up in 1974, there have been five such releases. The last two happened shortly after Russia’s invasion of Ukraine in February 2022. The agency said the release in April of that year was its biggest ever, with 120 million barrels made available.

The U.S. and two other G-7 members have voiced their support for the proposal, the report said.

The report helped to bring oil prices off levels that surged near $120 a barrel on Sunday. …”
 
Markets have calmed on news of G7 willingness to tap strategic reserves, but the impacts on the global oil economy are expanding in other ways.

 
On 2/23 gas was $2.42 at BJ’s. On 3/6 it was $2.82. On 3/10 it is up to $3.01.
Thanks Donald.
Guess I’m not very patriotic.
 
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🎁

“… A plunge in oil prices intensified in the early afternoon after Energy Secretary Chris Wright said on X that “The U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets.” The prospect of a prolonged energy shock momentarily dimmed. Futures for oil, diesel and gasoline slid. Stocks jumped.

But the message vanished within minutes, leaving investors the world over struggling to see through the fog of war emanating from the Trump administration itself.

… “A video clip was deleted from Secretary Wright’s official X account after it was determined to be incorrectly captioned by Department of Energy staff,” an agency spokesperson said. The administration is reviewing other options to resume tanker traffic, the spokesperson added, “including the potential for our Navy to escort tankers.”

The since-deleted post was enough to wipe out million-dollar trades. Benchmark U.S. crude futures plunged by as much as 19% at one point. During a roughly 10-minute span when Wright’s post appeared, an exchange-traded fund linked to oil futures saw $84 million of its market capitalization evaporate.

“That’s an unforgivable error right there,” said Robert Yawger, commodity specialist at Mizuho Securities.…”
 
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