160,000,000 barrels of oil being stored on tankers at sea right now. Those tankers are charging hundreds of thousands a day to keep oil stored in their tankers. Once the economy starts to open again these dollars they are charging are going to drop like a rock.
Wow...first time I've seen photos of this problem. I'm surprise that the current contract of Light Crude Oil CL futures isn't negative too. wrbtrader
Gas prices haven't moved near me. You would think with the glut of oil out there that gas prices would have fallen a solid 25-50% in the last few weeks but nope. Still paying what I have been paying for over a month and half now give or take 15-20 cents!!!! Amazing how prices at the pump are just sitting idle while oil has plummet to 30 plus year lows!!!!
Indeed I can. I can just imagine how profit margin must have spiked at most gas stations....there is one station near charging prices as if its still 2016 with prices at $3.65!!!! Cheapest I have seen it was approximately $2.29-2.40!! I paid $2.50 the other day
There is a wholesale-retail disconnect going on in multiple places - auto(especially used), housing (starts vs pricing), gas, interest rates etc. Almost like retail actors are in denial. Rarely do retail judge better than wholesale.