US oil closes at $35.92, posts 9.5 pct weekly gain

alternativeheat said:

Gasoline yesterday was $1.79 for regular.

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That is what it is here today.
A week and a half ago, it was $1.59..

Spot wholesale prices coming into NY harbor are still low at $1.15. I filled my tank recently for $1.29 but I am right next to the main entry port for heating oil in CT (New Haven). Transporting it inland brings the price up. The tanks are still loaded with heating oil after this mild winter I have been told by a friend who's friend delivers heating oil.

Even if prices go up I am sitting on 350 gallons of cheap oil for next winter but I think they stay low.



New York Harbor Heating Oil Spot Price Summary

• Last Value: 1.151
• Latest Period: Mar 07 2016
• Updated: Mar 9, 2016, 10:35 EST
• Next Release: Mar 16, 2016, 10:30 EDT
• Frequency: Market Daily
• Unit: USD per Gallon
• Adjustment: N/A
• Value Previously: 1.095
• Change From Previous: 5.11%
• Value One Year Ago: 1.738
• Change From One Year Ago: -33.77%
• First Period: Jun 02 1986
• First Value: 0.402
• Notes: No. 2, in U.S. dollars per gallon

MN gas prices went up and average to 1.99 today from 1.91 yesterday. No need for heat as today we hit a record 66. Snow forecast for next week and hopefully a bunch of rain.

Bioburner said:

MN gas prices went up and average to 1.99 today from 1.91 yesterday. No need for heat as today we hit a record 66. Snow forecast for next week and hopefully a bunch of rain.

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Yesterday hit 68 here, then rain overnight and couldn't break out of the 40's today. But the stove was off all day yesterday and that was kind of nice. Gonna hit 50 tomorrow with SW winds.

HHO holding at $1.68 for two days now. I saw gasoline for $1.82 in one station today. Slow trend up it seems.

Gasoline $1.85 today and that's at the least expensive Shell station in the area. Didn't look elsewhere.

The slightest rumor causes wild swings in the price. If irans increased production tops off the available storage ,the price will plunge again.

Gas up 7 cents here in the last 5 days. 1.89 cheapest I have seen

Just today Iran has vowed to increase production to pre-sanction levels and the price is down slightly already ,just on the news.

Seasoned Oak said:

Just today Iran has vowed to increase production to pre-sanction levels and the price is down slightly already ,just on the news.

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More than a $1 a barrel. Still oil disruptions in Iraq due to war and another country so who knows. MN average went over $2 for gasoline this AM. Several ideas is that gas will settle in about $2.50 for the summer. We haven't had a supply issue due to hurricanes for several years and if the oil goes above $40 how many fracking operations will start drilling again which has a faster ramp up than normal drilling.
Flip a coin

At the end of the day, know one knows, although strife in the Middle East, a constant for several years, is already factored in. Mmthe guys that make their money staying ahead of this curve almost unanimously say there is still a lot of downward pressure and it's not likely to let up for several months, if not years.

I just filled oil at $2.63 in upstate NY.....I have NO idea why our heating oil prices are so high. I checked diesel at the gas station and was seeing 2.20-2.55 so I am a bit frustrated with that as on road diesel gets hit with an additional $0.65 of tax in NYS.

NYBurner said:

I just filled oil at $2.63 in upstate NY.....I have NO idea why our heating oil prices are so high. I checked diesel at the gas station and was seeing 2.20-2.55 so I am a bit frustrated with that as on road diesel gets hit with an additional $0.65 of tax in NYS.

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Time to get a bunch of gas cans and fill up manually (said in jest, but I knew someone that used to fill their tank 5 gallons at a time).

NYBurner said:

I just filled oil at $2.63 in upstate NY.....I have NO idea why our heating oil prices are so high. I checked diesel at the gas station and was seeing 2.20-2.55 so I am a bit frustrated with that as on road diesel gets hit with an additional $0.65 of tax in NYS.

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Maybe getting hit with a convenience fee or delivery fee, just plain getting the royal shaft. I had a similar experience so I rolled up to their pump with a large tank and filled myself. Over $100 savings for a tank and they were coming by my place everyday.

NYBurner said:

I just filled oil at $2.63 in upstate NY.....I have NO idea why our heating oil prices are so high. I checked diesel at the gas station and was seeing 2.20-2.55 so I am a bit frustrated with that as on road diesel gets hit with an additional $0.65 of tax in NYS.

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When I had my oil delivered this year I had a chat with the driver he said that heating oil is no longer sold in NYS. When they check in to fill their trucks, they have to state what they need farm diesel, diesel or heating oil. From what he is saying it ALL comes from the diesel tank now. The only difference is the DYE. If you say you want heating oil they inject DYE into the diesel to make it non taxable. He advised me to watch diesel prices at the pump, if they are lower than heating oil or if I run out instead of using Kero to use diesel because that's what he was putting in my tank this season.
The reasoning he gave, was that the new Diesel formula is now ultra low sulpher so it has less emissions than heating oil. Which would explain why heating oil prices aren't aligning with the futures prices.

The other thought that crossed my mind is that with heating oil futures closing at times as low as $0.92 a gal they are taking the opportunity to pad their profits. After last years prices at over $3.00 who is really going to complain about paying $1.99 a gal (my company's price today in upstate ny), which could leave a large profit on the table for the distributors.

Here is what I use to track the futures, the way it works is it is two months in advance so they are trading May today. if you want to see what the cost was for March you look at January.

http://www.marketwatch.com/investing/Future/HEATING OIL

Ultimately I think the prices are whatever the retailer feels like posting, a buddy of mine was getting his oil for $1.75 a gal this year when I was paying 1.85 and another one was paying 2.35 a gal. As far as I know there is only one location for them to fill their trucks at in my area, so seems they would all be paying the same wholesale price.

Crude continues to fall 36 and change today. Lowest HO price iv seen is $1.24 Gallon a few weeks ago.

Yesterday ( I haven't been out today) I saw HHO at $1.63 and gasoline was $1.95, still that slow creep upward around here.

Gas went from $1.79 to over $2 very quickly around here.

Crude did a major 1 day hike today. Almost $2. Gas only changed up 2 cents

Bioburner said:

Crude did a major 1 day hike today. Almost $2. Gas only changed up 2 cents

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WTI is down almost $1 And Brent Crude is down about 80c according to Oil prices .net for Wed Mar 16
But if i check another site its up almost $2 on oilprice .com ? what gives someones info is not up to date

Looking at the ticker at Bloomberg Business, Nymex WTI up 2.20 to 38.54, Brent up 1.53 to 40.27 at 3:34 PM
I usually have Bloomberg Business running on a tablet

Yea i just checked bloomberg they have it up as well. Oil price.net must be older data ,even a few hours makes a difference i guess.

looks like oil price .net is a day behind!

WTI up over $40 a barrel, $1.74 for the day
Meeting of oil producers is a month away

Hmmm, local gasoline today that I saw was $1.85 unless I read it wrong ( trying to read it off the pump as I drove by, no sign out) and HHO $1.68, up 2 more cents.

NYBurner said:

I just filled oil at $2.63 in upstate NY.....I have NO idea why our heating oil prices are so high. I checked diesel at the gas station and was seeing 2.20-2.55 so I am a bit frustrated with that as on road diesel gets hit with an additional $0.65 of tax in NYS.

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Just ordered oil @ $1.73 Tri City area.

bob