1$/gal. gasoline? Maybe, but what does it mean really?

[NoTrespassing]

OPEC just announced they will cut production.

Do you have a link?

 

[oldpilgrim]

I saw it on msn.com this morning.

 

[murphy1244]

I heard of talk of cuts nothing specific yet. Iran should go online soon. Gas just shot up to 1.599 due to Marathon.

 

[NoTrespassing]

Seems like a non story, Venezuela is hoping for a freeze, not a cut, and the Saudis say no go without Iran's cooperation (which won't happen).

Venezuela proposes OPEC, non-OPEC producers freeze oil supply | Reuters

 

[MinnesotaEric]

Seems like a non story, Venezuela is hoping for a freeze, not a cut, and the Saudis say no go without Iran's cooperation (which won't happen).

Venezuela proposes OPEC, non-OPEC producers freeze oil supply | Reuters

Chatter. Traders, Twitter and CNBC all are point to headlines from The Wall Street Journal that OPEC is ready "to talk about" a production cut.

I do have some cheddar on the long side, but am waiting for the market to overreact to the downside on the contango trade

 

[JohnMacca]

Just by way of a comparison .....

The current fuel ("gas") price in my part of Australia last week dropped below $1 per litre for the first time in years. This has been a big news story around here. (Three months ago it was $1.55 per litre).

By my calculations ($1AU = $0.70 US and 1 US gallon = 3.75 litres), $1 per litre is around US $2.70 a gallon.

The price of diesel is usually around 10 to 12 cents more per litre.

 

[s219]

Prices here today:



What amazes me more than $1.57/gal is that they rape you another $0.63/gal if you want 91 octane. Used to be a 10 cent difference between grades, so 91 octane should be $1.77. I take it someone is trying to recover some profit....

 

[Mendonsy]

That's a BP sign so I guess they're trying to pay for the disaster that they caused in the Gulf of Mexicao.

 

[houstonscott]

That's a BP sign so I guess they're trying to pay for the disaster that they caused in the Gulf of Mexicao.

There was no disaster in the gulf.... You got shalonged by media... HS

 

[MinnesotaEric]

There was no disaster in the gulf.... You got shalonged by media... HS

Exactly right. Oil bubbles out of the surface of the sea floor on its own in the gulf. OPEC wise, listen to the video at this Bloomberg link.

The Oil Industry Got Together and Agreed Things May Never Get Better - Bloomberg Business

Sold my oil long today to close out the week.

I with I had purchased just about any big bank yesterday instead of FTR. Win some, do nothing with others.