This by itself deserves a post.
RBJ20 is down to 87c right now. This unbelievable.
More crazy than the Dow being down 2,000!
Re: Re: Travel to Europe suspended for 30 days!
By metmike - March 11, 2020, 10:03 p.m.
Unleaded dropped below $1.03.
Obviously tied to expectations of a drastic cut in travel and demand for fuel drying up, stocks increasing massively.
Dow futures down over 1,100.
NG getting hit hard.
Corn -5c beans -13, wheat -8.
Wow!
The market really did NOT like that news for the first hour and thats understandable.
This is going to slow the economy down even more. Maybe hurt exports of our ag products.
I would think that barge traffic will not be affected.
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Re: Travel to Europe suspended for 30 days!
By cutworm - March 11, 2020, 10:27 p.m.
"I would think that barge traffic will not be affected."
If the barges don't get unloaded on to export ships the system will get backed up.
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Re: Re: Travel to Europe suspended for 30 days!
By metmike - March 11, 2020, 10:30 p.m.
Unleaded just dropped below $1.
When was the last time that happened?
Unleaded almost touched 86c, Dow down 2,200. Wow!
Grains taking it on the chin.
Corn -9
Beans -18
Wheat -12
Unleaded low of 85.37.
At some point, large commercials and hedging will step in and lock in prices(buying) that they won't get again..........possibly ever.
However, those same entities that may have done aggressive hedging earlier, above $1 when they thought they were getting the deal of a life time may be taking an historic blood bath and adding to the selling panic..........which this is. A major selling panic.
We all know that the value of unleaded gas is much much more than 86c by a wide margin but panic selling based on emotions and losses/covering to make margin calls and limit losses is what matters at this place and this time..........which will pass.
Dow -2,200 at the moment......ok, now -2,000
RBJ20 up above 91c after making those lows.
Dow down -1,700 points.
No idea what will happen the rest of the day.
For sure the bad news will not peak for a couple of weeks at least.........with reports of outbreaks and new rising death tolls.
When will the markets have dialed in an absolutely worst case scenario and no amount of really, really extraordinarily bad news can inspire additional selling..............because all the sellers, including panic sellers at the bottom............got out??
UNL just above 90c. I never thought that in my life times gas would get below $1!!
Come on now regional distributors of gas...........you should be dropping pump prices by 40c vs what they were yesterday......when you were price gouging us by over 20c.
https://www.marketforum.com/forum/topic/48676/
Dow down around 1,900
Dow Down close to 2,100 closer to the lows right now.
Not a shock as the really bad news is going to get worse for a bit.
This looks like a good time for a military distraction, and the Iranians are trying to provide one.
Three people have been killed after a base hosting US and UK troops in Iraq was hit by a rocket attack.
At least 12 people were injured in the attack on the Taji military camp, north of Baghdad.
US military sources said an American soldier, an American contractor and a British soldier were killed. No names have yet been released.
The unleaded gas market already had it own very bearish fundamental reasons to drop..........the highest stocks in history!
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Unleaded gas price:
`less than 1 year chart below. As you can see below, the price has plunged over $1 since December.
Unleaded has been having an unprecedented move to the downside this month as everything shuts down and demand for fuel to travel falls off of a cliff.
Unleaded gas price. Wow. Dropped from $1.90+ just over 2 months ago down to nearly 68c on the low for Monday.......much of that drop is the anticipation of the Coronavirus shutdown.
RBJ20 was up a few c on Tuesday
Wow-Wow-Wow!
2 years below
Dow is down another 500 points.
Unleaded at around 88c, down over 1c from the Thursday close.
Crude just under $31 down a tad
Corn -2c
Wheat -5c
Beans -13c
Dow futures reversed to +200
Unl +2c
Dow +400
UNL +4c
https://www.marketforum.com/forum/topic/49017/
Unleaded Gas
4 responses |
Started by metmike - March 16, 2020, 11 p.m.
Unleaded has been having an unprecedented move to the downside this month as everything shuts down and demand for fuel to travel falls off of a cliff.
Unleaded gas price. Wow. Dropped from $1.90+ just over 2 months ago down to nearly 68c on the low for Monday.......much of that drop is the anticipation of the Coronavirus shutdown.
Wow-Wow-Wow!
2 years below
The gasoline chart below shows how demand usually increases from early in the year thru the Summer driving season.
One can guess that demand in the next few weeks will drop off of a cliff and well, well below the bottom of the chart below. How low?
https://www.eia.gov/petroleum/weekly/gasoline.php
| 0.015 | 0.014 | 0.014 |
Markets continuing to collapse.
Dow -1,700 or so
UNL is 63c OMG! That seems almost impossible.
Gas at the pump in IN and MI should be below $1.40 when the price is that low.
This is all that matters:
I've been driving on fumes, waiting for lower gas prices. Paid $1.73 today at Sams in Evansville IN. What's the price where you live?
Gas prices are still too high at the pump and have some work to do on the downside until they reach "fair" value:
https://www.gasbuddy.com/GasPriceMap?lat=38.822395&lng=-96.591588&z=4