Diesel prices take a jump yet again

[stewpop]

Not done yet-
0936 ET 5/2/2022 Diesel fuel futures hit an all-time high last week, and may have further upside. "The diesel market still
represents an item of choice regarding a long position from our vantage point given continued strong requirements in
Europe and an associated US diesel deficit that appears poised to stretch further per this week's EIA report," says
Ritterbusch & Associates in a research note. "While the prompt diesel switch narrowed considerably in the final minutes
of Friday's trade, the June contract's 77-centdiscount at the close will remain quite appealing to oil companies or
users looking to establish long hedge placement." The

 

[Bobrown14]

Motor fuel and heating fuel is a big bite today thanks to you know who and his failed policies.

Just an FYI - federal taxes on fuel haven't risen since 1993. Thats about the only federal influence of fuel prices. Raising taxes on fuel is a death nel for a sitting president. They wont touch it with a 10 foot pole for good reason.

State taxes on the other hand thats a totally different ball game. You state government needs $ for fixing roads (even federal roads) so they can sell you your tax hike that way.

IF you want to pay attention to tax hikes on fuel pay attention to your state government and what they are doing and vote accordingly.

Federal influence on fuel prices is very very small. About the only thing they can do is make more fuel available from the strategic reserve (which they have done) and that goes to the real reason for high prices:

Supply
Demand

My much larger concern is where is the money coming from to supply Ukraine with all the new US made weapons of mass destruction?

Ukraine don't have 2 nickels to rub together. Food for thought.

Of course you mean "failed policies" = reducing our federal deficit from 3.1 trillion (trump) to 600 billion (Biden) a failed policy?

All you gotta do is follow the money. Oil companies are making HUGE coin now and WE the people are paying for it.

"Exxon annual gross profit for 2021 was $64.202B, a 107.49% increase from 2020"

First quarter 2022 Exxon profits are up X2 first quarter :

"Exxon's 2022 profits doubled in the first quarter to hit $5.48 billion."

Maybe the feds should be taxing these corporations more. Just about the only thing they can do but of course that would again raise the price at the pump... viscous circle.

 

[mrmikey]

Not done yet-
0936 ET 5/2/2022 Diesel fuel futures hit an all-time high last week, and may have further upside. "The diesel market still
represents an item of choice regarding a long position from our vantage point given continued strong requirements in
Europe and an associated US diesel deficit that appears poised to stretch further per this week's EIA report," says
Ritterbusch & Associates in a research note. "While the prompt diesel switch narrowed considerably in the final minutes
of Friday's trade, the June contract's 77-centdiscount at the close will remain quite appealing to oil companies or
users looking to establish long hedge placement." The

That means what in normal english? I'm assuming the price is going up more?

"Exxon annual gross profit for 2021 was $64.202B, a 107.49% increase from 2020"

First quarter 2022 Exxon profits are up X2 first quarter :

"Exxon's 2022 profits doubled in the first quarter to hit $5.48 billion.

Sure, it's what we were saying a few pages back, "Lets jump on the Covid/Ukraine war...bla, bla bla bandwagon" .....M

 

[Bill Guenthner]

Pump prices are high simply due to corporate greed.

Exxon, Chevron hit by Q1 market swings, but still post big revenues​

Reuters on MSN.com|4 hours ago
April 29 (Reuters) - The two largest U.S. oil companies on Friday posted big revenues in the first quarter, but both Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) found themselves tripped up by market fluctuations, though those stand to dissipate in ...

Exxon profits surge despite $3.4B hit from Russian exit​

Associated Press|3 hours ago
NEW YORK (AP) — Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year. But the oil giant took a huge hit as it abandoned its ...

Exxon Mobil doubled its profit from last year to $5.5 billion​

CBS News on MSN.com|4 hours ago
As gas prices continue to soar across the nation, oil producer Exxon Mobil reported $5.4 billion in profit during the first quarter — doubling its profits compared to the same quarter last year. Exxon also took a noteworthy loss as company officials ...



Doubling profits, but refusing to increase output so they can keep prices high.

Yes. They “doubled profit” coming off of some of the worst years in their history. What you should be worried more about is that refining remains profitable enough that diesel and gasoline production remains a large scale, economical, operation in the US. Nobody misses the water ‘till the well runs dry.

Exxon Mobil's financials and production figures​

2020 was ExxonMobil's least profitable year since its founding through a merger in 1999. The coronavirus pandemic and oversupply were named as reasons for why the company had to weather it's most challenging year yet. ExxonMobil's net income fell to a historic loss of 22.4 billion U.S. dollars.

 

[JohnAnemone]

$175 in my truck the other (thats when the pump shut off) and I still didn't fill it up. Yeah it hurt.

 

[tradosaurus]

IMO, the oil companies are getting back the profits they missed under the last administration.

 

[redman135]

New Zealand, as of 3rd May deisel price range is $2.36/l to $2.49/l. This time last year was about $1.08 /litre.
Petrol, 91 ranges from $2.76/l to 2.88/l.

 

[Hay Dude]

11/2/20

5/2/2022

 

[Bill Guenthner]

11/2/20

View attachment 744397


5/2/2022

View attachment 744398

The problem with that comparison is that 2nd half of 2020 is when oil future prices went below zero and the refineries were shutting down process units and operating at huge losses, because fuel consumption was so low that all of their storage tanks were full. Air travel, cruises, even driving to work was on shutdown. I know this because refinery activity is a driver of my business. Had the circumstances that created those bargain basement prices continued into the current time there would be no fuel at all.

 

[Hay Dude]

The problem with that comparison is that 2nd half of 2020 is when oil future prices went below zero and the refineries were shutting down process units and operating at huge losses, because fuel consumption was so low that all of their storage tanks were full. I know this because refinery activity is a driver of my business. Had the circumstances that created those bargain basement prices continued into the current time there would be no fuel at all.

Probs…..but it still sucks to pay TRIPLE for fuel in 2 years. Especially when you use 4,000-5,000 gallons a year.
Diesel fuel has never been close to this volatile or high priced EVER