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Crude/gas 8-2-26
Started by metmike - Aug. 2, 2026, 6:11 p.m.
https://www.marketforum.com/forum/topic/122039/
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Diesel = Heating oil and all time record high prices. Everything in our stores had to get there from trucks and trains and ships that burn diesel for fuel. When that fuel price goes up, the cost to transport all those products goes up and the price we pay goes up.
https://tradingeconomics.com/commodity/heating-oil
1. 10 years: Highest heating oil prices in history. Breaking out above the 2022 highs! Down trend 2023/24/25 with lower highs but higher low from 2020 to 2026 that formed a symmetrical triangle and upside break out earlier this year. Followed by an extremely steep upslope that has accelerated recently from the war in Iran.
2. 1 year: Accelerating uptrend. Break out above the Spring spike higher after a bull flag/correction(upside break out).
3. 1 month: Accelerating uptrend to new highs now in potential sideways correction mode in a continuation pattern. Or it could be a head and shoulders top, with lines drawn at the top, shoulders and neckline.
This graph below is updated daily.
1. National gas prices in blue.
2. Indiana gas prices in red. 60c state gas tax taken off in May!
3. The price of gas in Evansville, IN. in green.
https://www.gasbuddy.com/charts
Regarding SPR crude oil, storage is now down to the lowest since May, 1983, just shortly after we established the SPR(blue dot on the graph below):
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W.png)
A little history on that. During Biden, it was used to the tune of almost 300 billion barrels from late 2021 to mid 2023, mostly to fight high gas prices. Then it was very slowly being refilled, which continued in 2024,2025 (65 billion barrels) with lower crude prices then to buy it with, until this war broke out. Since then, its down another 120 bb!
However, THIS BELOW is what's most important: It's suggests that we are now starting to damage the integrity of the SPR storage facility and the damage will increase the lower we go, according to some experts, like Texas A&M petroleum engineering department!
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https://thepeopleseconomist.substack.com/p/americas-strategic-petroleum-reserve
Repeated drawdowns and refills of the SPR put pressure on the SPR’s infrastructure integrity.
https://tradingeconomics.com/commodity/crude-oil
1. 10 years: In 2020, that spike lower is REAL Crude traded negative in the Spring of 2020! Top in Spring 2022. Downtrend 2023/2024/2025. Gap higher with Iran war. Spike up, then gap filled as the market anticipated and end to the war. Back higher as the war continues along with the global energy crisis.
2. 1 year: Iran war gap higher. Huge spike up........then down to fill the gap with the fake end of the war. Back up with the global energy/oil crisis continuing and no end in sight. Front month October has obliterated the previous life of contract high. Below are the continuous contract prices.
3. 1 month: Strong uptrend with BULLISH NEWS! This is either a sideways pause(continuation pattern) or potential head and shoulders top with the top, shoulders and neckline drawn.
The NEWS will determine what happens.
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Here was the day we tracked it on MarketForum live!!! This might be our best thread ever on MarketForum history when it comes to suspense and profound history in the markets.
Scroll down and follow the excitement!!!
US crude tumbles to 18-year low
50 responses |
Started by metmike - April 17, 2020, 12:43 p.m.
A decade-by-decade look at how historic events, economic crises, and inflation shaped the price at the pump, from the 1950s to today.
https://www.mentalfloss.com/live-smarter/money/how-much-gallon-gas-cost-year-born