Gas prices becoming almost bearable

[Cameron]

In overseas trading this morning, crude has dipped into the high $50s.

Is this a lack of demand or is it a lack of money to trade it and speculate in the markets?

Yes.

The guv'ment needs to give failing banks some more money to buy failing banks...and party!

[cgarison]

The guv'ment needs to give failing banks some more money to buy failing banks...and party!

Not this year. All my yearly Holiday Parties have been canceled. I only have a single invite to a buy your own room and pay a token fee to the party event at Walt Disney World for a weekend. A couple of golfer friends are going for a chance to hit the links in December. I am saving the money because the round trip flight will cost more than the rest of the weekend. Plus it is 20th & 21st so I would want to fly out of HTS which just doubled the price of PHL of the tickets and tripled the time in airports making connections. A thousand bucks in airfare for a $250.00 weekend (room/party/other stuff) just does not make sense.

[Arp2]

In overseas trading this morning, crude has dipped into the high $50s.

...and, if I caught this correctly, $50 December puts are being sold.

What that means is that people are buying an option now (a bet or an insurance policy, in a way) for the right to sell oil in December for $50....meaning that they are thinking there's a chance that oil could be heading for the 40s or lower in just a matter of weeks and that being able to sell for 50 would be a good and profitable thing.

Is this a lack of demand or is it a lack of money to trade it and speculate in the markets?

Both, it looks like. There's definitely demand destruction in most of the world, and, in China, growth in demand has fallen to 2%.

As far as money for trading and speculation goes, well, here's where we realize the heinousness of this particular political cycle.

You may recall the mention on Squawk Box of the apparent quid pro quo when New York Democrat Charles Schumer slipped language into a bill that stopped NYMEX from moving to electronic trading, saving the jobs of the human traders, and the beginning of the speculation and irrational trading of oil. Now, a couple of weeks ago, I heard mention on the same program that the discovery had been made that the money for the bulk of the speculation had come from specific hedge funds and that the money the hedge funds supplied had been supplied to them by the managers of the union retirement funds, who pulled their money through the weeks of the Olympics. So, yeah, the speculation is over. Of course, speculation of the kind we saw is virtually impossible when demand is not pushed up against the edge of supply like it was.....

[AmpedNow]

So, is >$1.99 possible this winter?

That would be nice.

[Arp2]

So, is >$1.99 possible this winter?

Greater than? Sure. Less than, too. It should be almost there now or soon. At this point, it depends mostly on the level of taxation where you are.

[AmpedNow]

So, is >$1.99 possible this winter?

Greater than? Sure. Less than, too. It should be almost there now or soon. At this point, it depends mostly on the level of taxation where you are.

I see what I did there...



It would already be under $2 if the road taxes were not so high.

[cgarison]

In overseas trading this morning, crude has dipped into the high $50s.

...and, if I caught this correctly, $50 December puts are being sold.

What that means is that people are buying an option now (a bet or an insurance policy, in a way) for the right to sell oil in December for $50....meaning that they are thinking there's a chance that oil could be heading for the 40s or lower in just a matter of weeks and that being able to sell for 50 would be a good and profitable thing.

I caught that too. From what I could tell from this evening's spin on the talk shows the Middle East countries are getting very worried as to how they are going to make the payments on all of the construction taking place.

[genlock]

Gas prices nearing $2.50 in Cannonsburg, Ky.
For Jeepy: That is near Ashland, on I-64.
In case you forgot.

[The-Hammer]

$2.67 at the Rich station on WV-10 near the base of Davis-Creek Mountain

[genlock]

$2.47 at Cannonsburg Flying J a while ago.

[AmpedNow]

Already $2.29 across the border in VA.

[cgarison]

Gas prices nearing $2.50 in Cannonsburg, Ky.
For Jeepy: That is near Ashland, on I-64.
In case you forgot.

Dude! (flipping virtual bird) Not funny.

The white whale knows exactly how to get home. And home is where I am heading in 3 weeks!

[cgarison]

My gas station in Jersey is 2.18 Cash. 2.27 for Credit.

Philly is hovering around $2.59/gallon.

[Oldiesdude]

$2.20 in New Martinsville as of last night, at Speedway. Gas has been dropping about 5 cents each time I look at the sign. I plan on putting a tent in the parking lot and keeping looking at the sign, while blinking alot.

[cgarison]

$2.19 on Credit this morning at the Palmyra Wawa. $2.13 for cash at most other stations with two tier pricing.

Philly is still firmly at $2.51 on the low side and $2.64 on the high mark.

[rfhertz]

I paid $1.96 per gallon in Kansas City today

[herdgirl72]

Me and the hubs went up to Wooster yesterday and gas started at $2.47 in Ashland to 2.21 in Waverly
2.12-2.09 in Chillicothe all the way up through Columbus.
Except for the Polaris exit where it was 1.99(we filled up there today).
BTW the BP on Greenup Ave. was 2.42 yesterday and today it's 2.39.
However at the BP on 29th street, less than a half mile away, it was 2.58!
WTF?

[sportsvoice]

Paid $1.91 (before 10-cents off) in Wilmington, Ohio.

[Arp2]

I paid a price yesterday that was so low that it took two of those quick-squeezes to get the pump to put in another penny's worth!

[AmpedNow]

I paid a price yesterday that was so low that it took two of those quick-squeezes to get the pump to put in another penny's worth!

I'm a dollar rounder, too. That drove me crazy when it was $4 because it always went over no matter how light you "flicked" it...