OPEC about to cut

q6543

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I just looked at the futures contract structure.

We are in heavy Backwardation, for the next decade. They're doing everything they can to keep prices high.

This year and next few 80s down to 70s per barrel.

Late 2020s mid to low 60s/barrel

Early to mid 2030s mid 50s/barrel
Late 2030s bottom 50s.
You can buy oil a decade out from now for $51.00 per barrel.
Cheap hedge if you believe it's going higher.
 

Steve@TF

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too bad 2024 is two years away. this would look great in anti-newsom ads. im sure they'll still use it. Gavin Newsome wants to bring $6+ gas to your state.

$7 gas, homeless encampments and abortions till delivery day, Gavin Newsome stands for freedom and LOVE!
 

jpro

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I saw that gas is 2.99 in TX. We have the widest spread ever between high and low. Thank the **** heads that run CA.
Speaking of wide spreads, has anyone noticed in your areas that gas prices vary dramatically in the same neighborhoods? I saw gas for $5.59 at one station and the station directly across the street from it had a price of $5.12. This has become really common in Vegas, where I'll see a $0.50 - $0.60 spread all in the same day!
 

Lambeau

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Here we come?? It's $6/gal today 3 minutes from my house.

Last week it was $4.99

A3A351F9-BB13-4FCD-81B7-7473B87F8ED2.jpeg
 

SolarYellow

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Speaking of wide spreads, has anyone noticed in your areas that gas prices vary dramatically in the same neighborhoods? I saw gas for $5.59 at one station and the station directly across the street from it had a price of $5.12. This has become really common in Vegas, where I'll see a $0.50 - $0.60 spread all in the same day!
Out these parts its generally a good indicator of where not to go. The cheap prices tend on being questionable like the indian owned stations that sells gas you wouldn't use to burn down a house let alone in your vehicle.
 

SSSSSSSSSSSSVT

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I just looked at the futures contract structure.

We are in heavy Backwardation, for the next decade. They're doing everything they can to keep prices high.

This year and next few 80s down to 70s per barrel.

Late 2020s mid to low 60s/barrel

Early to mid 2030s mid 50s/barrel
Late 2030s bottom 50s.
You can buy oil a decade out from now for $51.00 per barrel.
Cheap hedge if you believe it's going higher.
This post is heavy backwardation lol. We have used over 50% of our “Strategic” reserve in 118 days - (300 million barrels). They (demonrat admin) promised they would stop using SPR oil Aug 31…. They used 10million barrels just last week! USA at a 2milllion barrel a day deficit and we increased production in July by 12,000 barrels! That’s 97% not enough! We are in for a huge correction and with OPEC making a 2Mil a day reduction hold on because your dumbass prediction on prices is about to get bitch slapped.
 

q6543

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It's not a dumbass prediction.
It's literally the current market structure.

Go and buy some $50/barrel oil contracts for 2033 delivery.
You're argument is with a 5 Trillion dollar marketplace.
 

Deceptive

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This might actually push me to trade the truck in for a Sonata or Camry for the wife and get me a F250 once we move. With the Mustangs down a truck is not needed really at this point.


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tones_RS3

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Yup.

OPEC keeps playing with us too.
One week the amount of barrels are up, the next month it's down. Then they say that they can pump as much as we need and then 2 days later, they say that they cannot. :rolleyes::rolleyes:
Gonna be ugly. Price per barrel is already inching upwards.
 

SSSSSSSSSSSSVT

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It's not a dumbass prediction.
It's literally the current market structure.

Go and buy some $50/barrel oil contracts for 2033 delivery.
You're argument is with a 5 Trillion dollar marketplace.
Yes the finite resource that powers the world is going down in value. Sure thing guy.
 

Klaus

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brahaha. you can't make this shit up
 

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