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whoa, crude drops $6/bbl today

Discussion in 'Members' Lounge' started by 95b16coupe, Jan 7, 2009.

  1. 95b16coupe

    95b16coupe New Member

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  2. newb

    newb phresh VIP

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    Ive noticed prices have come back up about 10 cents a gallon from the lowest I saw in '08. Still only $2.19 for premium though lol.
     
  3. Briansol

    Briansol Admins Admin VIP

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    the whole market took a beating today. dow is down over 200 points.
     
  4. jeffie7

    jeffie7 Wrong Whole! VIP

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    its been 39-49 range up and down a few times in the last month or so.

    I guess today it just made the news VS the other few times.
     
  5. Briansol

    Briansol Admins Admin VIP

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    another point to make is that at lower price points, 12% is a lot more dollar-wise than 12% at higher price points
     
  6. BigJ

    BigJ I'm just about that action Boss. VIP

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    I filled up this morning. Gas went up 11 cents at the corner gas station in less than 5 hrs.
     
  7. Luis998

    Luis998 Honda Enthusiast

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    I'm not surprised that prices are going up but if the price per barrel is going down, what is making the gas prices go up?
     
  8. Briansol

    Briansol Admins Admin VIP

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    the barrell price is a future. the gas you are putting in your tank is from late nov. barellel prices.
     
  9. Luis998

    Luis998 Honda Enthusiast

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    Thanks for explaining that to me, B.
     
  10. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    futures really dont make any sense to me. its january, why are we still paying for november?
     
  11. Briansol

    Briansol Admins Admin VIP

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    futures are commodities that aren't instantly available products.

    oil gets 'harvested' and sold on the market at X price.

    by the time the crude oil is shipped to texas, refined, and delivered to joe's gas, it's been about a month and a half. The orig price is what it was harvested at... not what it happens to be harvesting today for.
     
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  12. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    kinda makes sense now.
     
  13. BigJ

    BigJ I'm just about that action Boss. VIP

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    I can tell B does a good amount of financial reading, as he did not major in business and he uses proper terms like commodities and such. :)

    Fuck, won't let me rep him. Grrrrr
     
  14. 95b16coupe

    95b16coupe New Member

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    haha, that is terminology everybody should know.

    anyways, if you see the price of oil, it is stated as a price for "future delivery". it takes about 2 months to get from the oil rig to the pump. but there is a "replacement cost". if oil prices go up today, you have to pay immediately even though gas stations have the cheap gas in the tank.
     
  15. Briansol

    Briansol Admins Admin VIP

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    i'm a semi-active investor. I do about 5 trades a month depending on what's going on. I also run savingstalk.com you should head over if you're interested it making some money and learning how to get rich :)
     
  16. Airjockie

    Airjockie Watanabe Whore!!!

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    actually, maybe I shouldn't post that....sorry
     
  17. Briansol

    Briansol Admins Admin VIP

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  18. Airjockie

    Airjockie Watanabe Whore!!!

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    I IM'ed you the link I posted...but it had too much info on it...I felt it might be too revealing after I saw the other links...
     
  19. Briansol

    Briansol Admins Admin VIP

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    well, i'm not at home, so i guess it will have to wait to get the link... lol
     
  20. Airjockie

    Airjockie Watanabe Whore!!!

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    I just sent it to ya...
     
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