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 crude oil /fuel ( petrol -diesel )etc

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baldy

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PostSubject: crude oil /fuel ( petrol -diesel )etc   Wed 17 Dec - 2:10

A bit of useless info for you .
earlier this yr approximately February crude oil was $110 a barrel now its dropped to $60 this month thats roughly 43%..
so out of a barrel of oil appx (42gallon) you get around 20 gallon of petrol ,the rest gets converted to diesel ,parafin etc.
the government currently charges us motorist upto 60 % on fuel....
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kgt
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PostSubject: Re: crude oil /fuel ( petrol -diesel )etc   Wed 17 Dec - 8:14

The biggest surprise to me is that OPEC are not supporting the prices. Previously they'd have set a floor level below which they wouldnt let the price drop, controlling the effect with a simple economics demand and supply ploy to manipulate the market by taking production offline, creating a flow shortage and hiking the price back up. Classic cartel steps, which its been doing since the 1960's - at that time there was very little leverage, so it was truly monopolistic.
I monitor the global plastics prices which are driven partly through the commodities markets but oil obviously has a big influence. Happy days for me that prices are falling (although FX, labour and overheads are going the other way and GDP is fluctuating wildly in previously stable economies which takes the bullishness out of the markets)

The recent statement from OPEC Sec Gen recently that they'll let the market determine the price and will ebb and low production with it is unheard of !!!  This was partly on the back of a lower than expected growth prediction in particular Asia demand and the fact that the world is actually becoming more energy efficient and that renewables are starting to be credible - ergo demand for crude drops and they need to react otherwise their industry is overgeared and becomes too debt burdened.

But the other element outside of OPEC is that the USA are starting to provide a lot of oil from shale production methods and thats "flooding" the market and leading to an oversupply situation. For my money I think OPEC will probably continue to let the price fall until that US production becomes uneconomic and the power shifts back to the Middle East and they can exhibit a little control again. Either way it looks like good news for the motorist with forecourt predictions at £1 per litre in the not too distant future and we can all drive around on full boost all of the time Very Happy
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atwrx

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PostSubject: Re: crude oil /fuel ( petrol -diesel )etc   Wed 17 Dec - 14:46

I do anyway you tight gits!!!! Laughing
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maca

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PostSubject: Re: crude oil /fuel ( petrol -diesel )etc   Wed 17 Dec - 21:29

Apparently fuel prices are going to drop below £1 per litre after xmas




apparently I said by the way
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baldy

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PostSubject: Re: crude oil /fuel ( petrol -diesel )etc   Wed 17 Dec - 23:48

Yeah seen it on tinternet before  they reckon sainsburys and tesco will be first to drop prices
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kgt
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PostSubject: Re: crude oil /fuel ( petrol -diesel )etc   Thu 18 Dec - 8:56

Apparently our fine town of Bishop Auckland is supposed to be one of the cheapest places in the country to buy fuel cheers

Asda, Morrisons, Sainsbury and Tesco are all in the locale, so even the tight wad up the street from me who used to be anything up to 8p per litre higher than everyone else has had to tow the line.
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maca

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PostSubject: Re: crude oil /fuel ( petrol -diesel )etc   Thu 18 Dec - 11:55

Haway Shell pull ya fooking fingers oot!
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Jonny Gav
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PostSubject: Re: crude oil /fuel ( petrol -diesel )etc   Thu 18 Dec - 14:21

Yep, Middle East and the USA are deliberately keeping production of fuel and fuel oil going to reduce the price, this prevents the Russian strangle hold on gas production from being a major factor in the world economy.

Not daft are they!

The result is we get cheaper petrol.....woohooo.
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