Taken to the cleaners again?

I saw this trundling through the news today:
Apologies to the usual suspects, as it is the Daily Express:

http://www.express.co.uk/posts/view/121189/Motorists-set-for-misery-at-pu
mps-as-oil-prices-soar

While I was taking my marine VHF exams I was talking to several
knowledgeable folk from Great Yarmouth and Lowestoft harbours.

They tell me that oil people, after parking a lot of full oil tankers in
fjords and one having a serious leak, they are now parking them around
the main ports on the East Coast of England for UK delivery. He quoted
that something like 75%(?) of the oil tankers are being used as storage
on the sea at the moment only unloading if they financially have to or
are contracted to.

They are waiting for the oil price to go up before unloading.

The guy from Lowestoft Harbour said they were using tugs and small oil
barges from Lowestoft to off load sufficient oil to sell to pay for the
running of the tankers etc.

 

IWHT that that oil has already had it's price fixed. ICVWBW though.

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<mode=cynical>

It's only fixed when prices are falling...

</mode>

 

Mainly affects poor people, leaving the roads hopefully, clearer for
the rest of us.

 

Heh. I think there are plenty of commodity dealers that would argue with
you on that.

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Oh sure, but talking solely about petrol, when oil goes up by a few
dollars a barrel, pump prices rise pretty quickly. When oil drops in
price, and the OilCos are asked why pump prices aren't falling, it's
always because it was bought at the higher price and it takes time to
trickle through.

 

Yeah but if you believe that you believe anything! Dumbass!

 

Oh yes. I was talking solely about the price of the oil, as (I *think*)
was the OP.

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Catman MIB#14 SKoGA#6 TEAR#4 BOTAFOF#38 Apostle#21 COSOC#3
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And? I simply changed the subject in true ukrm style. )

 

Oil is bought and sold several times from *before* it comes out of the
ground to the time to is pumped into the final owners tank farm. Most of
the transactions are while it is at sea.

 

Depends entirely on the contract terms.

 

From:
http://www.telegraph.co.uk/motoring...ould-reach-1.20-by-end-of-year-RAC-warns.html

"When crude oil was at $70 dollars a barrel in June 2007, the average
price of petrol was 97p – almost 7p cheaper than now."

The RAC said: "The rising price in oil is certainly a factor in this.
But it does seem to be the case that petrol prices rise quickly when
oil goes up but fall slowly when the price of oil drops."

See, I'm right![1]

[1] Or at least the nice man from the RAC agrees with me.

 

Said it before, and I've said it again. Every day's a school day

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Good call!

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Catman MIB#14 SKoGA#6 TEAR#4 BOTAFOF#38 Apostle#21 COSOC#3
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Triumph Sprint ST 1050: It's blue, see.
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Fears that pump prices would return to £1.20 a litre grew as crude oil costs
rose above $67 a barrel this morning.

??

But yeasterday they dropped below 70USD, according to the Grauniad, so how
does thes Express work that one ?

http://www.moneyweek.com/news-and-charts/market-data/oil.aspx

 

The Express is obsessed with petrol prices and immigration. It also
*always* exaggerates about both.

 

The Grauniads data was from a price last week.

This is useful data but don't let facts confuse you.

http://www.upstreamonline.com/market_data/;jsessionid=86346531C0B794C52AC
65B3EC3A4325B.upstream.mark?id=markets_crude

It's from the day following my post on the 18th showing a continued
increase in oil price. (Forth column mark %)

The figures quotes by most of the press and the RAC quotes in the papers
are from a basket of prices and hence only indicate a current trend.

The magic level was when it broke $60 it's now the $70 a barrel level
that it is fluctuation around.

 

Hmm, I presume you mean the fluctuation since Saturday ?

Still a lot lower than a year ago