Crude Oil Prices Continue to FALL

[MrNoBody]

Don't sell your Humvee or Speed Boat yet!

Investor's Business Daily
Crude oil prices continued to fall Wednesday amid signs that Saudi Aramco is
making a speedy recovery from a crippling weekend attack.
Meanwhile, the U.S. will ratchet up economic sanction on Iran, which is suspected in the attack.

The state-run oil company said it said it had restored 41% of capacity at its
Abqaiq processing facility. On Tuesday, Saudi Arabia's energy minister,
Prince Abdulaziz bin Salman, said that oil supply will be back online by the end of the month.

But industry insiders doubt the Saudis can fix the plant that quickly because in
may take months to get parts needed to fix the damage, wrote Phil Flynn, senior
market analyst at the PRICE Futures Group.

Abqaiq is the heart of Saudi Arabia's oil sector, processing 5.7 million barrels of
oil a day, or roughly half of the country's production and 5% of global supply.

U.S. crude oil prices dropped 2% to $58.23 a barrel, and Brent crude oil prices
slipped 1.3% to $63.73 a barrel.

[Acer]

But industry insiders doubt the Saudis can fix the plant that quickly because in
may take months to get parts needed to fix the damage, wrote Phil Flynn, senior
market analyst at the PRICE Futures Group.

Maybe. But oil is the lifeblood of the Saudi economy and civilization in general. There will be big money to be made by anyone who can get those parts to them in the quickest fashion. Someone will custom-make them overnight if they have to.

[Zoidberg]

Gas remains rather steady here in Central AR (outside of Little Rock). There was a wee spike (about 10¢) yesterday but it seems to already be back to previous day. According to the GasBuddy app, the lowest price around me (5 mile radius) is $2.14, with the highest $2.39.

[Rick-o]

After about a month locked in at $2.69 here in my little town, it jumped up a dime yesterday.

I guess I should be glad crude oil didn't go UP since the attack. :RollingEyesSmiley5:

[Speedy]

It’s a profit making opportunity.

[rz]

Local stations jumped prices about $0.30/gallon on Monday, but most dropped back $0.15 by today. So they still went up, but they did drop back down a little.

[vision63]

Saudis aren't going to help the electric vehicle industry by pushing people to it.

[RAMd®d]

It’s a profit making opportunity.


Of course it is.

Not much profit at stations for gas, so get some while the gettin's good.

Even at a 20¢ increase, I'm ok, though I don't care for the opportunism.

I just wish there was a pump nearby that took Apple Pay.

[vision63]

RAMd®d wrote:
It’s a profit making opportunity.


Of course it is.

Not much profit at stations for gas, so get some while the gettin's good.

Even at a 20¢ increase, I'm ok, though I don't care for the opportunism.

I just wish there was a pump nearby that took Apple Pay.

The Arco AM/PM's in Los Angeles uses it.

[Zoidberg]

> I just wish there was a pump nearby that took Apple Pay.

Ditto here. I'm in BFE so I'm not expecting it anytime soon, though.