Yep, should take us well into the spring.
We have a 1K tank and filled it up at the end of September at $1.89 per gallon on a pre-buy program. It will hold us until next September. If your propane supplier has such a plan, you might want to consider it. We saved a considerable amount of money.
Woody
Woody
Who needs oil anyway? $5+ gasoline, here we come! See you soon.
Wednesday, 27 October 2021 11:16 AM
Crude oil tanks at the Cushing, Oklahoma storage and delivery hub for U.S. crude futures are more depleted than they have been in the last three years, and prices of further dated oil contracts suggest they will stay lower for months.
U.S. demand for crude among refiners making gasoline and diesel has surged as the economy has recovered from the worst of the pandemic. Demand across the globe means other countries have looked to the United States for crude barrels, also boosting draws out of Cushing.
Analysts expect the draw on inventories to continue in the short-term, which could further boost U.S. crude prices that have already climbed by about 25% in the last two months. The discount on U.S. crude futures to the international Brent benchmark should stay narrow.
"Storage at Cushing alone has the potential to really rally the market to the moon," said Bob Yawger, director of energy futures at Mizuho.
Cushing stockpiles have dropped to 27.3 million barrels, the lowest since October 2018, the Energy Information Administration said on Wednesday, or about half of where inventories were at this time a year ago.
Inventories have fallen because of a ramp-up in U.S. demand, which has encouraged domestic refiners to keep crude at home to provide fuel such as gasoline and distillates to U.S. consumers, said Reid I'Anson, senior commodity analyst at Kpler.
In addition, U.S. production has been slow to recover from declines seen in 2020. At the end of 2019, the nation was producing roughly 13 million barrels of oil per day (bpd), but in recent weeks has been less than 11.5 million bpd. At the same time, product supplied by refineries - a proxy for demand - is about just 1% below pre-pandemic peaks.
As a result, the spread between U.S. crude and Brent, has collapsed. The spread narrowed to roughly $1.09 a barrel this week from $4.47 earlier this month, which had been about the widest spread since May 2020.
In an additional sign of high short-term demand for U.S. crude, the premium for U.S. crude delivered this December versus December 2022 reached a high this week of $12.48 per barrel, most since at least 2014, according to Refinitiv Eikon data.
In the next three months, Rystad Energy expects refinery runs in the United States to increase by 500,000 to 600,000 barrels per day. This would outpace production gains of 300,000-400,000 bpd, and keep the spread between the two benchmarks narrow.
"Only if OPEC (the Organization of the Petroleum Exporting Countries) intervenes with more supply of crude or if COVID rears its ugly head again, curbing demand, this high volatility will come off," said Mukesh Sahdev, senior vice president and head of downstream at Rystad Energy.
US Demand for Oil Surges, Depleting Tanks in Oklahoma
Wednesday, 27 October 2021 11:16 AM
Crude oil tanks at the Cushing, Oklahoma storage and delivery hub for U.S. crude futures are more depleted than they have been in the last three years, and prices of further dated oil contracts suggest they will stay lower for months.
U.S. demand for crude among refiners making gasoline and diesel has surged as the economy has recovered from the worst of the pandemic. Demand across the globe means other countries have looked to the United States for crude barrels, also boosting draws out of Cushing.
Analysts expect the draw on inventories to continue in the short-term, which could further boost U.S. crude prices that have already climbed by about 25% in the last two months. The discount on U.S. crude futures to the international Brent benchmark should stay narrow.
"Storage at Cushing alone has the potential to really rally the market to the moon," said Bob Yawger, director of energy futures at Mizuho.
Cushing stockpiles have dropped to 27.3 million barrels, the lowest since October 2018, the Energy Information Administration said on Wednesday, or about half of where inventories were at this time a year ago.
Inventories have fallen because of a ramp-up in U.S. demand, which has encouraged domestic refiners to keep crude at home to provide fuel such as gasoline and distillates to U.S. consumers, said Reid I'Anson, senior commodity analyst at Kpler.
In addition, U.S. production has been slow to recover from declines seen in 2020. At the end of 2019, the nation was producing roughly 13 million barrels of oil per day (bpd), but in recent weeks has been less than 11.5 million bpd. At the same time, product supplied by refineries - a proxy for demand - is about just 1% below pre-pandemic peaks.
As a result, the spread between U.S. crude and Brent, has collapsed. The spread narrowed to roughly $1.09 a barrel this week from $4.47 earlier this month, which had been about the widest spread since May 2020.
In an additional sign of high short-term demand for U.S. crude, the premium for U.S. crude delivered this December versus December 2022 reached a high this week of $12.48 per barrel, most since at least 2014, according to Refinitiv Eikon data.
In the next three months, Rystad Energy expects refinery runs in the United States to increase by 500,000 to 600,000 barrels per day. This would outpace production gains of 300,000-400,000 bpd, and keep the spread between the two benchmarks narrow.
"Only if OPEC (the Organization of the Petroleum Exporting Countries) intervenes with more supply of crude or if COVID rears its ugly head again, curbing demand, this high volatility will come off," said Mukesh Sahdev, senior vice president and head of downstream at Rystad Energy.
Don't worry about inflation! If it's not on the shelves you can't spend your money. This is biden's handlers' forced savings program. You don't need no stinkin' bacon or toilet paper, let alone that new car. Because you will save your money you can catch up quickly to bezos and gates since they buy expensive toilet paper and bacon. build back better? You can't build if their are no supplies, but you will collect more taxes.
common Price index. Same way it’s been calculated for a long time. If you could only pick and choose 10 goods, it would be easy to manipulate. How does the government measure inflation?
I think most white folks eat too high on the hog anyway. But then again most of them can’t cook from scratch either.
Paid $2.06 when we filled up and have asked for it to be topped off but they won't come for less than 100 gallons.
A fella at work was shopping a fire lake grocery and the tag said save 70 cents, lift that tag and see next weeks price, up 70 cents.
It's called the great re set and it's being spoke about more and more. The folks with a good many days to live yet are in for a ride.
ROTFLMAO.
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