Current Oil Price

biffvernon · Post by **biffvernon** » 05 Mar 2011, 09:17

kenneal wrote:It just goes to show how out of touch economists and *ankers are with the real world.

Yes but I bet most of them voted Conservative

Guest · Post by **Guest** » 05 Mar 2011, 19:31

We've just hit £1.34
--------------------------------------Unleaded Diesel LRP Super LPG
The Highest price in this area: 133.90p 140.00p n/a 141.90p 85.90p
The Average price in this area: 132.24p 137.96p n/a 138.51p 78.57p
The Lowest price in this area: 129.90p 135.90p n/a 135.90p 71.90p

JohnB · Post by **JohnB** » 05 Mar 2011, 22:51

My local garage is 139.9 for diesel, and 133.9 (I think) for petrol. The highest diesel price I've paid before was 134.9 on 16th July 08, when I was travelling in this area.

lurker · Post by **lurker** » 06 Mar 2011, 12:33

http://www.independent.co.uk/news/uk/po ... 33618.html

Drivers began paying £1.40 per litre of unleaded petrol for the first time yesterday as motorists started to feel the pinch of rising oil prices. The news came as several experts warned of the damaging impact across the economy of such an increase.

The peak price at the BP garage in Rainham, Kent – which is also selling diesel at £1.44p a litre – might even seem cheap in coming months if predictions that the cost could rise to twice that figure are borne out.

Dunno why Kent is @ £1.40

could understand the outer hebrides being that but kent should be cheapest?

RevdTess · Post by **RevdTess** » 06 Mar 2011, 12:55

I was a bit shocked the other day when I went on a rare trip out of the convent to Oxford for a conference. Seems petrol is now about 15p higher than when I was last out 'in the world'! Weird feeling, being so disconnected from the zeitgeist.

biffvernon · Post by **biffvernon** » 07 Mar 2011, 08:10

Over the weekend our ticker was at just under $105 but by 8am GMT this morning it had gone up from its opening $104.65 to $106.44

Where is this trading happening? Surely NYMEX is still asleep?

snow hope · Post by **snow hope** » 07 Mar 2011, 09:06

biffvernon wrote:Over the weekend our ticker was at just under $105 but by 8am GMT this morning it had gone up from its opening $104.65 to $106.44

Where is this trading happening? Surely NYMEX is still asleep?

The Far East (China) and down under?

PS_RalphW · Post by **PS_RalphW** » 07 Mar 2011, 11:00

Brent just tipped through $118 again.

I am beginning to think that Gadaffi is going to hang on in Libya. The rebels are rag tag and running low on fuel and firepower. Once Gadaffi consolidates his stranglehold on the west (and liquidates enough protesters to quell the remainder) he will send his armoured brigade to steamroller east.

He will be singularly unwilling to sell his oil to his fair-weather friends. I'm sure China will import all the engineers he needs to get production rolling again.

Post by **kenneal - lagger** » 07 Mar 2011, 16:18

After the way that his "friends" have lined up to try to persuade him out they can't let him stay, Something will be done to oust him.

PS_RalphW · Post by **PS_RalphW** » 09 Mar 2011, 16:03

Brent fell sharply yesterday as it looked like Gadaffi was getting the upper hand.

Today the oil refinery that rebels were defending went up in smoke - as tends to happen in the middle of a battlefield. Each side blames the other, but the reality of burning infrastructure will focus minds on a 'no fly zone' wonderfully.

Bent up $2.5 and rising.

RevdTess · Post by **RevdTess** » 09 Mar 2011, 18:08

RalphW wrote: Today the oil refinery that rebels were defending went up in smoke - as tends to happen in the middle of a battlefield. Each side blames the other, but the reality of burning infrastructure will focus minds on a 'no fly zone' wonderfully.

Eventually of course less internal crude demand in Libya means more for us.

emordnilap · Post by **emordnilap** » 10 Mar 2011, 16:06

I've asked this question before but didn't get a definitive answer, so I'll try again.

Can anyone tell me the (rough) time lag between oil leaving a well to it appearing as fuel at a vehicle fuel pump?

Post by **adam2** » 10 Mar 2011, 16:26

emordnilap wrote:I've asked this question before but didn't get a definitive answer, so I'll try again.

Can anyone tell me the (rough) time lag between oil leaving a well to it appearing as fuel at a vehicle fuel pump?

I heard somwhere that it varies from about 2 weeks up to about 3 months.
Quikest would be an oil well linked by pipeline to a refinery, with refined product sent out promptly by road to a nearby filling station.

Slower would be from an oil well that fills storage tanks, from which tankers are filled at relatively infrequent intervals, and then make a prolonged voyage. After which the oil goes into storage at the refinery, and the finished product than goes by sea or slow rail service to a depot, from which road tankers deliver it to a not very busy filling station.

PS_RalphW · Post by **PS_RalphW** » 10 Mar 2011, 16:38

I suspect the answer is 'it depends'...

Most oil comes out of the wellhead mixed with gas, water, and other impurities. These are usually separated out before the oil is transferred. How long this takes I just don't know.

http://en.wikipedia.org/wiki/Gas_oil_separation_plant

Often the output of an oil field is constrained by the throughput of the GOSP. Especially if there is a high water cut.

Then the oil is shipped or pumped from the well head to the oil terminal or local storage point before entering the market. Often oil pipelines have storage containers at each end. The output of some fields is constrained by the local pipeline capacity. Some oil is refined locally, Other oil is shipped by sea. Transit times for an oil tanker can be up to 3 weeks. Longer at the moment, because there are lots of spare oil tankers, and fuel oil is very expensive, so they are saving money by steaming slowly.

Refineries have their own storage for both crude oil and end products. Refineries need enough local storage to cover gaps in supply due to pipeline problems or storms in the Gulf. Refineries need to operate continuously. Petrol that comes out of the refinery is not a complete product. It does not have the additives like ethanol, anti-knock agents etc. The petrol is then sent through the pipelines to the distribition hubs, where the final product mixing is done. In the US petrol is seasonal - the exact recipe is different winter and summer. Finally the finished product is loaded onto road tankers and sent to petrol stations.

I would not be surprised of a drop of oil from Gharwar took six months
to arrive in New York City.

emordnilap · Post by **emordnilap** » 10 Mar 2011, 16:56

Thanks for that. My understanding has always to err on the side of longer rather than shorter time lags. Even six months might be optimistic in some cases.

That aside, is it true that (current) crude prices will dictate (roughly current) pump prices?