oil oil oil

[karatemaserati]

so now oil is free how do i get lots and wait till the price goes up??

...buy low, sell high right??

 

[spkennyuk]

so now oil is free how do i get lots and wait till the price goes up??

...buy low, sell high right??

Its better than free its minus 38 usd per barrel. The reason for it is there will be nowhere left to store it except in floating storage from next month. Today was the last day that storage space could be booked before it reaches capacity.

You may remember back in 2009 ish when some commodity traders stored several tanker fulls of oil at sea to create a shortage in the market and push up oil prices to reap the profits on the back of creating the shortage in the first place.

 

[P R]

The phenomenon was caused by a futures trading deadline, where traders had to get rid of (May I believe it was) stocks. Today the WTI is up to $18. Still p*ss poor but a lot better than yesterday.

My company (US based upstream) has cut approx. 200k bbls a day from our production in the US

 

[lozcb]

Perhaps we ought to all club together and buy some Sportsmaserati filling stations dotted around the country , plus an ideal forecourt selling opportunity organised by Dicky , liken it to villagers buying out their own post offices and local pub

 

[Ianed0]

So why aren't fuel prices on the floor, should be well below a pound a litre

 

[Contigo]

So why aren't fuel prices on the floor, should be well below a pound a litre

Because they never pass it onto us, this only affects traders.

 

[Doctor Houx]

And the price of crude is only a small proportion of the overall cost. There is cost of production of crude into the various grades by fractionating, distribution, retailers profit and of course tax which is the bulk of the cost at the pump

 

[P R]

So why aren't fuel prices on the floor, should be well below a pound a litre

Because for 1, that was the US
2 Most of ours is fuel excise duty and VAT and
3 they always take ages to drop in price but strangely follow the market up a breakneck speed!

 

[karatemaserati]

So this is an ideal time to buy oil right? How do I buy some?!

 

[jemgee]

The cost of oil included in uk petrol prices is .......... 11p per litre so its not going to go down much!

 

[Silvercat]

So why aren't fuel prices on the floor, should be well below a pound a litre

Exchange rate is a big factor. All oil traded in US$.