Gas prices

captain-codeye · 23 Apr 20, 10:35 AM

Wow, Has anyone noticed the gas prices.

Down to as low as 92c gallon in New York, around 1.45 in Orlando.

Will be paying you to fill up soon with the lack of demand!

chmurf · 23 Apr 20, 01:16 PM

Texas oil fell as low as -37 dollars a couple of days ago. Yes, meaning that anyone willing to buy oil would have been given a fat cheque along with the oil

of course this is just theoretical value, as nobody will buy, as there is no longer storage capacity, and, the way the market functions, noone will get that price.
But it's interesting to note how crude oil has reached a negative value at some point

what remains on gas prices is mainly taxes though, and those can't be "socially distanced" from us ... unfortunately

captain-codeye · 23 Apr 20, 11:05 PM

The negative price was as you say technical due to May contacts expiring and no appetite in the market to roll over into June.

July contracts are circa $22, maybe this tells us something about partial re opening timescales?

Definitely crazy times however!

23 Apr 20, 01:16 PM	#2
	23 Apr 20, 01:16 PM chmurf Imagineer
chmurf Imagineer Join Date: Dec 12	Texas oil fell as low as -37 dollars a couple of days ago. Yes, meaning that anyone willing to buy oil would have been given a fat cheque along with the oil of course this is just theoretical value, as nobody will buy, as there is no longer storage capacity, and, the way the market functions, noone will get that price. But it's interesting to note how crude oil has reached a negative value at some point what remains on gas prices is mainly taxes though, and those can't be "socially distanced" from us ... unfortunately