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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 below 47c here on Monday, 3-23.......much of that drop is the anticipation of the Coronavirus shutdown.
The price of oil from a glut caused by over production and demand destruction is another factor.
2 years below
Crude has had an incredible drop too, thanks to the Coronavirus and over production by Saudi Arabia and Russia but nothing like the chart above for Unleaded:
Weekly US ending stocks of crude oil.
Weekly ending stocks for unleaded gasoline.
metmike: Interesting in that Unleaded stocks were at record high levels earlier this year, then the last 5 weeks featured some hefty drawdowns, including a big drop last week..........before all these shutdowns. Fundamentals and seasonal drawdowns/price tendencies in the Spring/Summer drive season had us poised for a big rally.
Instead of the seasonal uptick in demand continuing to draw down stocks, record low demand will cause them to set new highs by a wide margin. They will go higher and higher the next couple of months. This is why we dropped to 47c for RBJ20 on Monday. WOW! That's $1.45 lower than just 3 months ago.
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
metmike: Look at this graph below and the big uptick in demand prior to the shutdown period. Those lines will be taking a nosedive for numerous weeks ahead:
Latest Release Mar 18, 2020 Actual 1.954M Forecast 3.256M Previous 7.664M
|Mar 25, 2020||10:30||1.954M|
|Mar 18, 2020||10:30||1.954M||3.256M||7.664M|
|Mar 11, 2020||10:30||7.664M||2.266M||0.785M|
|Mar 04, 2020||11:30||0.785M||2.644M||0.452M|
|Feb 26, 2020||11:30||0.452M||2.005M||0.414M|
|Feb 20, 2020||12:00||0.414M||2.494M||7.459M|
Current gas prices around the country..............still too high at the pump and lower prices are coming.
Low prices for sure the next several months.
metmike: That blue line will be going back up and setting new highs because of the demand destruction from the coronavirus.
Gasoline prices vary over time and among states and regions. In addition to differences in state and local taxes, other factors contribute to regional differences in gasoline prices, including distance from supply, supply disruptions, and retail competition and operating costs.
|East Coast||$2.515-5th highest|
|New England||$2.574-4th highest|
|Central Atlantic||$2.656-2nd highest|
|Lower Atlantic||$2.410-7th highest|
|Rocky Mountain||$2.646-3rd highest|
I hope you have good eyes(or a magnifying glass) (-:
We can all see this map!
Unleaded spiking lower again.............got below 45c. Holy Cow!
Quite the disconnect between crude and unleaded today.
I saw gas for $1.39 today. Monday the 23rd
Great observation Jim!
Unleaded (April contract) spiked down below 38c today at 1:28pm just before the regular session close.....this is unreal. Closed around 44c at 4pm
Crude in the new front month, May actually closed a bit higher...........last was 23.78. (after April spiked below $20 briefly at expiration late last week.)
Heating oil traded close to 96c this morning, closed around 1.04 at 4pm.
UNL closed above 44c, up around 3c from Monday.
Gas at the pump here in WC Illinois today 3/24 is $2.13 gal.
You are being ripped off with price gouging bowyer!
That's around 70c higher than it should be.