Virus must be over

[The Prisoner]

Gas jumped ten cents higher since this morning in Kingman.

 

[95Enforcer]

Probably just gonna gouge a bit for the holiday weekend travel.

 

[RitcheyRch]

Fo those in CA seeking refuge in AZ

Probably just gonna gouge a bit for the holiday weekend travel.

 

[AZMIDLYF]

You heard him. On Monday, oil futures rallied to a two-month high ahead of today’s June contract expirations.

Refresher: Oil futures = financial instruments that let investors buy “abstract oil.” When futures contracts expire, they get converted into IRL oil.

Nightmare flashbacks
When May contracts expired in late April, prices for the U.S. oil benchmark collapsed into negative territory. Some feared June expirations would trigger a similar slide. Last Wednesday, the U.S. Commodity Futures Trading Commission warned brokerages and exchange operators they might need to intervene.

Thankfully, they were wrong. Oil prices are trading above $30 for the first time since mid-March. Send thank you notes to...

• Rising demand for oil in reopening economies, especially the U.S. and China
• Supply cuts amounting to 10.7 million barrels/day
• Fed Chair Jerome Powell’s pacifying economic commentary on 60 Minutes Sunday night

Big picture: Prices are still only half of January’s high of $60+/barrel, it’s still the early days for reopenings, and the threat of a second COVID-19 outbreak casts a long shadow.

 

[NicPaus]

Refinery started there shutdown here. It jumped up a $1 at one of the stations.

 

[Big B Hova]

California is due for a refinery fire or maintenance shutdown any minute

 

[bk2drvr]

Bullhead City today