indiana oil refinery shuts down for maintenance, raising gas prices in midwest

[nickqt]

Oil down to $27 today

It's not a matter of will it go back up, only a matter of when and dumb Americans will believe the excuses yet again.

1-20-2016

http://finance.yahoo.com/news/oil-weve-130036081.html

Oil: We've Been Here Before

Last week the price of oil broke below $30 a barrel (figures in U.S. currency) and stock markets tumbled. Now some analysts are saying a retreat to the $20 level is a real possibility as none of the major producers shows signs of reducing output.

A few are even more pessimistic. Standard Chartered, an international banking group based in London, predicted last week that oil wouldn't bottom out until it reaches the $10 a barrel range, a level not seen since 1998.

In response to the continuing rout, oil companies are once again slashing capital budgets and trimming jobs. BP announced last week it would cut its global workforce by 5%, or 4,000 positions. Today Shell announced it is slashing 10,000 jobs.

It all sounds terribly grim and the deep dive in the markets has left investors fearful of worse to come. And we're not likely to see any immediate relief. But as far as oil is concerned, don't lose sight of the fact that we've been here before and managed to survive. In fact, according to the U.S. Energy Information Administration (EIA), the price of West Texas Intermediate (WTI) oil has fallen by at least 50% on five occasions since 1986. This is nothing new.

After the energy depression of 1997-98, the price remained stuck in the $20 to $30 a barrel range for several years. It only began to move sharply higher in late 2004. At that point, with demand from China growing exponentially, it rocketed all the way to $147 before the financial crisis of 2008 sent it tumbling back down to around $40.

Clearly, at current price levels many companies are facing operating losses. How long this can go on is anyone's guess but analysts (and bankers) are going to be keeping a close watch on fourth-quarter and year-end financial reports in the coming weeks. AlixPartners, a consulting company, estimates that North American producers are losing about $2 billion per week at current prices.

So, unless oil goes down to $0.00 a barrel, with a consitutional amendment regulating that the price stays at $0.00...we're always on the cusp of oil prices skyrocketing?

Are you also afraid of hispanic Agenda 21 agents with calves the size of cantaloupes, infected with Ebola and trained by ISIS, who are currently sailing to America in second-hand Toyota pickups and planning on taking over your local Walmart in a Jade Helm operation to install Sharia law and force all women to get abortions in Planned Parenthood?

 

[Phynaz]

Enjoy the sub $2 while you can because you know they will say there is no oil as they do every spring.

Have you gotten a job yet?

 

[dmcowen674]

Remember this in just a short couple of months when oil rockets back up and the oil thugs say there is no oil:

1-20-2016

http://www.bloomberg.com/news/artic...of-milk-is-now-worth-two-gallons-of-oil-chart

One Gallon of Milk Is Now Worth About Two Gallons of Oil



Crude oil is at a 12-year low and that means it’s even cheaper than milk.
The price of one gallon of West Texas Intermediate crude is equivalent to about half a gallon of Class III milk, the benchmark traded on the Chicago futures market. That’s the lowest ratio since 2004.


WTI dropped to $26.19 a barrel in intraday trading Wednesday, the lowest level since May 2003. That’s equivalent to 62 cents a gallon. Milk futures traded at $13.74 per 100 pounds, or $1.18 a gallon.

 

[dmcowen674]

Meanwhile the Oil Thug supporting Politicians have used the low price to increase gas taxes:

1-21-2016

http://wishtv.com/2016/01/20/indiana-house-committee-approves-tax-hikes/

Indiana House Committee approves tax hikes



The proposal passed a committee in the Indiana House of Representatives.



It’s unusual, in part, because it’s a Republican proposal.


It calls for a $1 per pack increase in the cigarette tax and a four cent per gallon hike in the gas tax.

“This is a good start. I’d like to go a little farther,” said Rep. Tom Saunders (R-Lewisville.) “I bought gas for $1.43 a gallon over the weekend. I’d be in favor of a 10 cent gas tax increase.”

 

[Sinsear]

Enjoy the sub $2 while you can because you know they will say there is no oil as they do every spring.

Drive for five you fucking jackass

 

[dainthomas]

Remember this in just a short couple of months when oil rockets back up and the oil thugs say there is no oil:

1-20-2016

http://www.bloomberg.com/news/artic...of-milk-is-now-worth-two-gallons-of-oil-chart

One Gallon of Milk Is Now Worth About Two Gallons of Oil



Crude oil is at a 12-year low and that means it’s even cheaper than milk.
The price of one gallon of West Texas Intermediate crude is equivalent to about half a gallon of Class III milk, the benchmark traded on the Chicago futures market. That’s the lowest ratio since 2004.


WTI dropped to $26.19 a barrel in intraday trading Wednesday, the lowest level since May 2003. That’s equivalent to 62 cents a gallon. Milk futures traded at $13.74 per 100 pounds, or $1.18 a gallon.

That's fine, but how does it compare to pork bellies?

 

[dmcowen674]

Gas will be back over $4 real fast:

1-22-2016

http://money.cnn.com/2016/01/22/news/economy/oil-prices-soar/

Oil skyrockets 23% in 48 hours, tops $32



Crude crashed to $26.19 a barrel Wednesday, the lowest level since April 2003. Since then, oil has surged a remarkable 23%.


Oil prices spiked 9% -- the biggest daily jump since August -- to close at $32.19 a barrel on Friday. It represents a dramatic rebound from Wednesday.



There didn't appear to be an obvious trigger for the rebound. Traders pointed to extremely oversold conditions that simply couldn't last.


"A bounce at some point was inevitable. Things don't go one direction all the time. It was primed for turnaround," said Darin Newsom, senior commodities analyst at DTN.

 

[brianmanahan]

Gas will be back over $4 real fast

please provide an estimate of "real fast"

 

[Pulsar]

please provide an estimate of "real fast"

Eventually.

 

[OverVolt]

$5 by 2018 $6 by 2026

100+ year trend. Hope you didn't buy an SUV.

 

[Meghan54]

Gas will be back over $4 real fast:

1-22-2016

http://money.cnn.com/2016/01/22/news/economy/oil-prices-soar/

Oil skyrockets 23% in 48 hours, tops $32



Crude crashed to $26.19 a barrel Wednesday, the lowest level since April 2003. Since then, oil has surged a remarkable 23%.


Oil prices spiked 9% -- the biggest daily jump since August -- to close at $32.19 a barrel on Friday. It represents a dramatic rebound from Wednesday.



There didn't appear to be an obvious trigger for the rebound. Traders pointed to extremely oversold conditions that simply couldn't last.


"A bounce at some point was inevitable. Things don't go one direction all the time. It was primed for turnaround," said Darin Newsom, senior commodities analyst at DTN.

Finish the quotes, butthead.

However, Newsom said the fundamental backdrop remains very bearish for oil. The world simply has too much oil, especially given lackluster demand growth due to the slowdown in China.



"Have we put the low in? I doubt it," said Newsom. He thinks it's possible oil could even dive below $10 a barrel, a level it hasn't seen since November 2001.

Also:

The oil market's roller-coaster ride this year is not over yet, technical analysts warned on Friday, with new lows likely to come after traders catch their breath.

U.S. oil futures for March (CLH6) surged 13.5 percent on Thursday and Friday, erasing nearly half the losses racked up since the start of the year as bearish traders cashed out.


While almost no one expects this to mark the start of an extended recovery amid a persistent global supply glut and worries over the Chinese economy, many are asking whether this is finally the end of an 18-month slide.


For some of the analysts it had the hallmarks of a classic dead-cat bounce, a natural pause in the tailspin that had sucked prices below $30 a barrel for the first time since 2003 - with still lower lows lurking in the weeks ahead.


"I don't think we've found a bottom yet," said Fawad Razaqzada, technical analyst for Forex.com and City Index in London. He does not expect prices to extend their recovery to above $35 a barrel, the level needed to prevent a further slide. U.S. crude closed at $32.19 on Friday, up 9 percent.


"For me, there's been no clear technical or fundamental signal that prices have not bottomed out. This is a mere oversold recovery, therefore I think prices will fall back again."


Walter Zimmermann, vice president and chief technical analyst at brokerage ICAP in Jersey City, also expected prices to fall to new lows although he noted that the charts were not decisively bearish.

http://www.msn.com/en-us/money/mark...d-cat-bounce-or-double-bottom-base/ar-BBoA4n7

 

[dmcowen674]

These two stations will be $18 or over $20 a gallon when gas goes back over $3 this spring:

1-25-2016

http://247wallst.com/energy-business/2016/01/25/gas-price-hits-5-99-in-orlando-highest-in-us/

Gas Price Hits $5.99 in Orlando, Highest in US



Gasoline prices may be $1.83, based on an average gallon of regular nationwide. But they are over three times that in Lake Buena Vista, Fla., where gas has hit $5.99 at one nearby Shell station, according to GasBuddy.


A few miles away, in Orlando, at a Suncoast Energy station, the price for a gallon of regular is $5.95.

 

[michal1980]

These two stations will be $18 or over $20 a gallon when gas goes back over $3 this spring:

1-25-2016

http://247wallst.com/energy-business/2016/01/25/gas-price-hits-5-99-in-orlando-highest-in-us/

Gas Price Hits $5.99 in Orlando, Highest in US



Gasoline prices may be $1.83, based on an average gallon of regular nationwide. But they are over three times that in Lake Buena Vista, Fla., where gas has hit $5.99 at one nearby Shell station, according to GasBuddy.


A few miles away, in Orlando, at a Suncoast Energy station, the price for a gallon of regular is $5.95.

and the average for all of orlando is ~1.70.

 

[momeNt]

These two stations will be $18 or over $20 a gallon when gas goes back over $3 this spring:

1-25-2016

http://247wallst.com/energy-business/2016/01/25/gas-price-hits-5-99-in-orlando-highest-in-us/

Gas Price Hits $5.99 in Orlando, Highest in US



Gasoline prices may be $1.83, based on an average gallon of regular nationwide. But they are over three times that in Lake Buena Vista, Fla., where gas has hit $5.99 at one nearby Shell station, according to GasBuddy.


A few miles away, in Orlando, at a Suncoast Energy station, the price for a gallon of regular is $5.95.

You realize that gas stations are doing this because they don't have "1"s in their inventories and do not yet have digital signs right? If you were to actually go to the pump you would see prices of $1.99 and $1.95 respectively.

 

[allisolm]

These two stations will be $18 or over $20 a gallon when gas goes back over $3 this spring. 1-25-2016

I doubt is as they have both been doing this for years and the price has remained around $5.79-$5.99 regardless of the surrounding prices.



Psst, Dave - check your local stations. The Indy Oil Thugs are raising your prices again.

"Indianapolis Pre-Hike Average 1.39
Price Hike Alert Projected Average 1.79 +/- 0.10"

Sadly, after the raise you'll still be paying less than I am.

 

[dmcowen674]

Psst, Dave - check your local stations. The Indy Oil Thugs are raising your prices again.

"Indianapolis Pre-Hike Average 1.39
Price Hike Alert Projected Average 1.79 +/- 0.10"

Sadly, after the raise you'll still be paying less than I am.

Local TV News on the jump but they also did not say why the jump:

http://wishtv.com/2016/01/25/low-gas-prices-wont-last-long/

Low gas prices won’t last long

========================
Well look at that.

At least none of the idiots on here can argue that it didn't happen simply because I was the one posting the info.

What I find interesting about the Oil Thugs now is that they have conditioned the dumb Americans that it used to be 30 cents jumps were acceptable, now they do 40 and 50 cent jumps and get away with it.

Oil is still a gut everywhere and still $30 so have not heard the excuse for this jump have you?

Edit: Just heard from old Landlord in Chicago, she posted Facebook post that gas jumped to $2.59

Is this the start of the yearly changeover to Summer fuel?

 

[dmcowen674]

I can confirm locally here too that the oil trains have stopped running.

Last year it got up to almost 10 trains a day and now if one comes once in a week is a lot.

You know what that means. The Oil Thugs will be swearing there is no oil.

and it's all done on purpose. Of course the idiots in here will believe the Thugs they support.

1-25-2016

http://www.businessinsider.com/r-on...-by-rail-shunned-on-east-coast-2016-1?ref=yfp

Once in high demand, North Dakota oil-by-rail shunned on East Coast



In 2012, Plains All American bought a shuttered Virginia refinery for $300 million to use as a terminal and storage hub, betting that East Coast refiners would need to look beyond their own rail yards to satisfy their thirst for cut-price inland crude in coming years.


Instead, shale production from North Dakota has been shrinking and those refiners have resumed buying imported crude. The 140,000 barrel-per-day rail terminal at Yorktown, Virginia has been sitting idle, according to two sources familiar with its operations.

The most recent weekly report from energy industry intelligence service Genscape reported no traffic at the facility, which the sources said was expected to remain dormant through next month. Refiners have been booking an armada of vessels to carry North Sea and West African crude to U.S. shores, the biggest import binge in years that will all but displace Bakken shale.

Spot shipments of crude by rail have all but vanished. Rail car lease rates have slumped to half what they were a year ago and oil-by-rail traffic has dropped 17 percent in the first few weeks of 2016, according to the latest data from the Association of American Railroads.

Crashing oil prices and the end in December of a four-decade U.S. crude export ban have whipsawed the economics for East Coast refiners, pushing them back to imported crude just a few years after foreswearing it in favor of domestic shale.


This has hammered the oil-by-rail industry. Customers stuck with deliveries of rail cars they no longer need have chosen to put them in storage instead of in service.

 

[dmcowen674]

Meanwhile oil is below $30 and there is no where to store all the oil yet gas prices are rising again:

1-26-2016

https://finance.yahoo.com/news/oil-storage-capacity-goldmans-currie-231530288.html#

Oil storage at capacity



Storage is near capacity constraints, bringing a lot more volatility to the market, Jeffrey Currie, global head of commodities research at Goldman Sachs, told CNBC's " Closing Bell " on Monday.



"When we look at these storage levels in Cushing, Oklahoma, which is where the Nymex prices, there's about 3 million barrels of spare storage capacity, which is nothing in the grand scheme of things," he said.

 

[IndyColtsFan]

Local TV News on the jump but they also did not say why the jump:

http://wishtv.com/2016/01/25/low-gas-prices-wont-last-long/

Low gas prices won’t last long

========================
Well look at that.

At least none of the idiots on here can argue that it didn't happen simply because I was the one posting the info.

What I find interesting about the Oil Thugs now is that they have conditioned the dumb Americans that it used to be 30 cents jumps were acceptable, now they do 40 and 50 cent jumps and get away with it.

Oil is still a gut everywhere and still $30 so have not heard the excuse for this jump have you?

Edit: Just heard from old Landlord in Chicago, she posted Facebook post that gas jumped to $2.59

Is this the start of the yearly changeover to Summer fuel?

The only idiot here is you.

Gas prices will eventually go up? Holy shit, you're a real freaking Nostradamus. ALL OF US KNOW THIS. Of course they will go up, just as any commodity in short supply will. Eventually, supplies will run low and prices will go up.

Don't like it? Don't buy it. Walk or ride a bike to work - we've all seen pics of you, the exercise wouldn't hurt.

 

[IndyColtsFan]

Gas will be back over $4 real fast:

Just like you said it would be $6/gallon last fall? Or $10 gallon a year or two ago?

Of course, instead of answering what happened to those predictions, you'll just block people because you know you've been owned and you're a coward.

 

[dmcowen674]

please provide an estimate of "real fast"

Well several stations have surpassed $3.50 today in Chicago.

That fast enough for you?

 

[OverVolt]

Meanwhile oil is below $30 and there is no where to store all the oil yet gas prices are rising again:

1-26-2016

https://finance.yahoo.com/news/oil-storage-capacity-goldmans-currie-231530288.html#

Oil storage at capacity



Storage is near capacity constraints, bringing a lot more volatility to the market, Jeffrey Currie, global head of commodities research at Goldman Sachs, told CNBC's " Closing Bell " on Monday.



"When we look at these storage levels in Cushing, Oklahoma, which is where the Nymex prices, there's about 3 million barrels of spare storage capacity, which is nothing in the grand scheme of things," he said.

You don't see the trading aspect of this. People are trying to force it so that prices stay higher so they end up storing it. THEN when they overflow the storage, they will even keep it on floating storage and refuse to dock the tankers.

Only then when there is literally nowhere else to put it, will the people who made bad investments finally have to eat shit on their bad bet. Its not some global rigged market... that IS how the market works. For YEARS oil was overpriced. Now all those banks who made loans to the oil industry can go pound sand. That IS a functional capital market.

 

[JSt0rm]

This thread is horrible.

 

[Hugo Drax]

You don't see the trading aspect of this. People are trying to force it so that prices stay higher so they end up storing it. THEN when they overflow the storage, they will even keep it on floating storage and refuse to dock the tankers.

Only then when there is literally nowhere else to put it, will the people who made bad investments finally have to eat shit on their bad bet. Its not some global rigged market... that IS how the market works. For YEARS oil was overpriced. Now all those banks who made loans to the oil industry can go pound sand. That IS a functional capital market.

Actually word is, if that happens they would get a bailout. you keep hearing the words oil industry bailout.

 

[Zorkorist]

There's nothing to bail out. The whole industry is gone.

-John