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Old 02-16-2009, 11:05 PM   #1 (permalink)
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Diesel Prices

Has anyone noticed the huge drop in diesel prices?

Gas around here is 1.94 while diesel is about 2.04.

Just thought I'd point this out and try to figure that out.

Haven't seen prices that close in over a year.

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Old 02-17-2009, 09:44 PM   #2 (permalink)
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Old 02-18-2009, 01:00 AM   #3 (permalink)
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I think diesel demand outpaced supply for a while. Refineries have been increasing the supply of diesel over gas recently as it has been more profitable to do so. Just my opinion.
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Old 02-23-2009, 07:20 PM   #4 (permalink)
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Funny thing about diesel price though, it still remains higher than gasoline... crazy. Fueled here in Dallas at about 2.35 a couple of days ago, prices seem to be jumping around as I have seen it from 2.09 to 2.89 this week.
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Old 02-24-2009, 08:07 PM   #5 (permalink)
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yup but I'm not sure why is this happening now... diesel is down from $1 to just $0.50 per Liter.
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Old 02-24-2009, 08:38 PM   #6 (permalink)
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Now lets hear from those who where saying diesel is just not worth it a couple months ago...

Diesel have always been worth it but a couple of months last year.

Around here, ULSD is roughly 5% cheaper than RUG now.
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Old 02-24-2009, 08:56 PM   #7 (permalink)
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Quote:
Originally Posted by Unforgiven View Post
Funny thing about diesel price though, it still remains higher than gasoline... crazy. Fueled here in Dallas at about 2.35 a couple of days ago, prices seem to be jumping around as I have seen it from 2.09 to 2.89 this week.
Morgan Stanley owns a large fuel oil company that supplies much of the east coast in the US, another bank owns another large fuel oil company.

These two banks should be sued, it has been mentioned in passing on PBS a few times that during the time the prices of fuel were being blamed on speculators it was only 2 speculators who controlled 80% of the shares in terms of diesel and fuel oil which then also caused gasoline to increase in price as a byproduct. Isn't it funny that after 2 large banks gained large fuel oil interests that the price of diesel fuel went higher than gasoline for the 1st time in our history and then continued up to a record price even when demand was falling and supply was expanding?

Luckily for us the supply outpaced demand by such a large amount their attempts have been faultering, but now with the bailout money guess where it will probably go?
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Old 02-25-2009, 08:32 PM   #8 (permalink)
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you think this is also a result of the economic slump?
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Old 02-26-2009, 09:10 AM   #9 (permalink)
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Quote:
Originally Posted by ninjaowen View Post
you think this is also a result of the economic slump?
Given that fuel is once again increasing while the economy is still faultering, I think not.

In the area I live the economy has been stagnant for at least 6 years, the incomes and wages of middle and lower classes have not kept pace with inflation.

My folks own a small business and demand throughout the 2000's was stagnant as was the sales of most everyone they knew with a small business. (this all seemed to start right on 9/11 that sales dropped and stayed there)

Also we were already in an economic slump in 2007, sales across the board were either down or profit was down (I'm talking retail/wholesale products not oil or commodities)

So we went through the 2008 high fuel prices in a slumping economy with reduced demand and increased supply of oil

UPDATE: US Rep Says Probe Uncovers Oil Market Manipulation
frontline: dot con: press reaction | PBS
CNBC talking about Morgan Stanley and other banks putting oil in tankers. - Democratic Underground
Three traders charged with oil market manipulation - USATODAY.com
Gas prices going up despite low demand | NBC-WKTV News Channel 2 | Local News
What causes $4.00 per gallon gas? Fuel prices and the environment and economy | Earthascope
Regulator investigates 'market manipulation' by jet fuel speculators - Business News, Business - The Independent
Airline Pilot Central Forums

Yet strangely Decreased demand does not lower or affect oil prices?

Even now there is hoarding going on and the price is creeping back up.
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Old 02-26-2009, 12:23 PM   #10 (permalink)
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It's all about the crack spread. Up until recently, refiners were making most of their money off of diesel because gasoline demand was harder to predict with high prices and consumption all over the place. Diesel otoh, since it's used primarily by industry, and wasn't as erratic, was where they made their margins. Now that we're in a recession, it's diesel demand that's dropping and gasoline is relatively strong, so that's where they're looking to make money.
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Here's what is happening: The margin or spread for the refiner, which is the difference between crude oil costs and wholesale diesel prices, was 65-cents per gallon earlier this month. Now it's down to 35 cents.

Meanwhile, refiners were actually losing money on gasoline sales early in January. But they're working to change that and briefly boosted the margin to 35-cents per gallon.

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