Gasoline watch: Saudi

Discussion in 'Fred's House of Pancakes' started by bwilson4web, Sep 14, 2019.

  1. bwilson4web

    bwilson4web i3 and Prime

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    Source: Saudi Arabia cuts oil output by 5 million barrels following drone attacks - CNN

    Abu Dhabi (CNN Business)Drone strikes on key Saudi Arabian oil facilities, among the world's largest and most important energy production centers, have disrupted about half of the kingdom's oil capacity, or 5% of the daily global oil supply.

    Yemen's Houthi rebels on Saturday took responsibility for the attacks, saying 10 drones targeted state-owned Saudi Aramco oil facilities in Abqaiq and Khurais, according to the Houthi-run Al-Masirah news agency.

    In a statement on Sunday, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said that 5.7 million barrels a day of crude oil and gas production have been affected. The latest OPEC figures from August 2019 put the total Saudi production at 9.8 million barrels per day.
    . . .

    Source: Gasoline and Diesel Fuel Update - Energy Information Administration
    Date U.S. gas price
    1 8/26/19 $2.574
    2 09/02/19 $2.563
    3 09/09/19 $2.550


    Source: Gasbuddy snapshot 09/14/2019
    [​IMG]

    Bob Wilson
     
    #1 bwilson4web, Sep 14, 2019
    Last edited: Sep 14, 2019
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  2. audiodave

    audiodave Active Member

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    Oil holding so far. Screenshot_20190914-202832.jpeg

    Posted via the PriusChat mobile app.
     
  3. bwilson4web

    bwilson4web i3 and Prime

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    When the pipeline from Houston to DC broke, I followed the prices on both sides of the break. It took a week to see the price effects on the broken side. In contrast, the prices remained low on the non-broken part. Even after the pipe was repaired, it took about 10-14 days before prices on the broken side returned to normal.

    Loss of production at the head has little to no immediate effect on oil already at sea. I'm guessing shipping takes about 3-6 weeks so this is the queue feeding refineries. When that runs thin, we'll see the first effects show up. My tracking of product is independent of oil futures which I don't follow but you may want to track.

    Bob Wilson
     
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  4. iplug

    iplug Senior Member

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    Brent and WTI aren’t trading right now. Those prices are close of yesterday.

    Depending on how long this takes to get back on line, it will easily register on world prices.
     
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  5. ETC(SS)

    ETC(SS) The other One Percenter.....

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    5% of production, my my how far we’ve come in 40 years.

    This would have been a cataclysmic event in the 70’s.
    Still....it’s a shame.
    I was getting used to $1.90 gas. :D
     
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  6. Raytheeagle

    Raytheeagle Senior Member

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    What’s gas:whistle:?

    With our Prime, I haven’t bought gas in a couple of weeks and now I rarely pay attention to the gas stations:).

    I have a feeling the urban assault vehicle drivers will belly ache long before I even notice an effect(y).
     
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  7. ETC(SS)

    ETC(SS) The other One Percenter.....

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    Gas is the stuff people in flyover country buy all year round.
    Home heating oil is the stuff that people up in the frozen north (above I-20) used to buy during the winter months.
     
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  8. Greenteapri

    Greenteapri Active Member

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    I live in Houston and drive a Prius. What's a gas budget?

    With that being said, I live in Houston and work in the oil industry.

    Oil prices are always bittersweet for me.
     
  9. bisco

    bisco cookie crumbler

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    will my exxon stock go up or down?
     
  10. iplug

    iplug Senior Member

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    Biggest risk to oil and gas prices is retaliation/escalation.

    If nothing further, would guess we see a blip in oil and gas prices if Saudis get this all back online within weeks.

    Russia has some room to increase production, but probably won’t do much and enjoy some higher prices instead.
     
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  11. jerrymildred

    jerrymildred Senior Member

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    They don't seem very excited here. Yesterday, about half the stations I passed dropped their prices a nickel to $2.289. The rest seem to be staying at $2.339/gallon. I wonder what it'll be come November when I'll need to buy some again.
     
  12. bisco

    bisco cookie crumbler

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    my guy only changes his price with each delivery, but i used to go by a station that changed them multiple times daily
     
  13. iplug

    iplug Senior Member

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    Oil is world traded, so everyone is effected to some degree, but the effect in the U.S. will be less than average.

    The U.S. consumes about 20 million barrels per day of oil and of this only 0.5 million barrels per day (2.5%) is imported from Saudi Arabia. Saudi oil imports have been decreasing for years.

    If this is short lived, it won't show much in U.S. gasoline prices and maybe not for a couple weeks until shortages show up in the supply chain. Countries that get a high percentage of gasoline from refineries of Saudi oil will be more effected.
     
    #13 iplug, Sep 15, 2019
    Last edited: Sep 15, 2019
  14. Trollbait

    Trollbait It's a D&D thing

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    The switch to winter blend is today, and it is a cheaper mix.
     
  15. bisco

    bisco cookie crumbler

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    what a shame
     
  16. iplug

    iplug Senior Member

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    #16 iplug, Sep 15, 2019
    Last edited: Sep 15, 2019
  17. bisco

    bisco cookie crumbler

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    that a pretty good jump?
     
  18. iplug

    iplug Senior Member

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  19. bisco

    bisco cookie crumbler

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    glad i grabbed my 3 gallons the other day, should be good until spring :p
     
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  20. Trollbait

    Trollbait It's a D&D thing

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    better fill up in the morn
     
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