Oil Price Just Collapsed 25% with more to come

[Passages]

A small consolation to the virus panic, oil is dropping fast. We are now in low 40's with even lower price projected as demand continues to drop in response to COVID-19.

My tanks are down about 1000 gallons. I figure $1.75-$2/gallon diesel will be available end of March-Early April.

My stocks investments will be in the toilet so I might as well go cruising.

 

[Byresch]

A small consolation to the virus panic, oil is dropping fast. We are now in low 40's with even lower price projected as demand continues to drop in response to COVID-19.

My tanks are down about 1000 gallons. I figure $1.75-$2/gallon diesel will be available end of March-Early April.

My stocks investments will be in the toilet so I might as well go cruising.

The cruising will brighten your sunsets and take your mind off your stock portfolio.

 

[racclarkson@gmail.com]

Sailboat futures crash

 

[Bill Wright]

West Texas Intermediant (WTI) is trading at $31.69 per barrel now and headed lower.

 

[Scarlett]

You guys must not live in California. When oil prices go up our fuel prices go up the next day, when oil prices go down our fuel prices drop like a penny per month if that. Once the oil company’s think we are used to a fuel price it usually stays where it is for a long time even with a drop in oil prices. John

 

[RonNP]

Unleaded in Nor Cal $3.15 at Costco
Diesel $3.60 at Costco
We get screwed in The Peoples Republic of Kalifornia

 

[racclarkson@gmail.com]

Unleaded in Nor Cal $3.15 at CostcoDiesel $3.60 at CostcoWe get screwed in The Peoples Republic of Kalifornia

Costco here: Unleaded $1.859 this morning. Highway diesel locally $2.159 today. Marine diesel around $2.50+. Probably take a bit longer to drop. But with migration time starting, marinas should be able to turnover their stocks and replenish with lower priced fuel. One or two marinas around here will drop the price encouraging a few others to follow suit to stay competitive. At least that’s my theory.

 

[Freeebird]

I was hoping this would be one good side effect of this virus mania. Hopefully the fuel discounts will stay in place through May (will save Sadey a TON of money), even though I hope the virus doesn't. Getting cheap fuel doesn't help much if you're stuck in bed or worse.

I wonder if airline prices will take a dive too. I can't imagine being in the cruise ship business right now.

 

[Pascal]

Just got 1100 USG at 2.41 this morning (no tax since we re leaving to Bahamas). It was 2.64 a few weeks ago and today’s collapse isn’t even reflected at the pump yet

 

[Passages]

I wonder if airline prices will take a dive too. I can't imagine being in the cruise ship business right now.

Yep, Daughter just booked a flight from Boston to FLL for under a hundred. Told her to wear a mast, turn off the overhead vent and sanitize the tray table and arm rests.

 

[Passages]

West Texas Intermediant (WTI) is trading at $31.69 per barrel now and headed lower.

Yep, that's another 25% drop over the 25% weekend drop. We were at $53/barrel just 2 weeks ago. $25/brl should yield $1.50/gal.

 

[Westfield 11]

So if you are going to burn the fuel out of the country you don’t have to pay the tax? I did not know that, is that because you are a charter boat? Or can anyone take advantage?

 

[Scarlett]

We just received an email from Alaska Airline with flights starting at $20.00 each way, of course that may be Ft Lauderdale to Miami.

 

[Pascal]

So if you are going to burn the fuel out of the country you don’t have to pay the tax? I did not know that, is that because you are a charter boat? Or can anyone take advantage?

It s a state law. Most Marinas do not know about it or don’t want to apply it but delivery trucks and Peterson Barge do. Applies whether your private or commercial.

 

[12V71]

Diesel use (non Highway) No TAX

 

[Passages]

Oil just went below $30.

I may pull the trigger soon for 1000 gallons even though my Bahamas trip is not for a few months.

 

[Westfield 11]

I just called Peterson Fuel Barge and was told that if it is a water-to-water transfer and the vessel is leaving US waters, no sales tax is due. You just need to sign an affidavit to that effect. They want two days notice and payment by cash, check or money order. Credit card is a 4% surcharge.

Today’s price: $2.31 per gallon.

 

[Passages]

I just called Peterson Fuel Barge and was told that if it is a water-to-water transfer and the vessel is leaving US waters, no sales tax is due. You just need to sign an affidavit to that effect. They want two days notice and payment by cash, check or money order. Credit card is a 4% surcharge.

Today’s price: $2.31 per gallon.

We have a fuel oil company make truck deliveries at our yacht club. I just called to schedule a delivery. The price is being revised hourly. This hours price is.....

wait for it.....

…..$1.89/gallon, 1000 gallon minimum. They are booked until Monday, Who know where the price will be then.

This is the lowest I have seen for diesel in 16 years.

 

[oscarvan]

As an airline pilot I can only be grateful for this silver lining. Fuel is our second biggest cost after labor. Our business is in the crapper right now and hundreds of thousands of employees will be affected. Every little bit helps. Meanwhile I'm out burning diesel in my motorhome and expect to go below $2 with my fleet card any moment.

 

[Passages]

As an airline pilot I can only be grateful for this silver lining. .

Now the trick for airlines is to convince the flying public to fly again.