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Unwanted diesel and jet fuel cargoes are backing up outside Europe's ports
On Sat, 31 Oct 2015 17:26:15 -0400,
wrote: On Sat, 31 Oct 2015 17:09:08 -0400, John H. wrote: On Thu, 29 Oct 2015 09:44:46 -0400, wrote: It appears that the world is awash in more petro distillates than it can consume or store. Ships in transit have become the storage of last resort and that can't last forever. This will continue to translate into lower prices at the pump but there is only so much elasticity in demand as prices come down. Eventually the oil producers will have to decommission some of their wells or pump less agressively. http://www.reuters.com/article/2015/10/26/oil-diesel-glut-idUSL8N12N36520151026 There is an interesting effect where diesel prices come down faster than gasoline since diesel fuel gets produced as a byproduct of gasoline distillation, but the demand for diesel increases more slowly as prices come down. That creates a temporary production imbalance and lower prices for diesel. I am not complaining, nor is my wife! === Nor am I, in fact it looks like it's just about time to fill up the trawler for a winter excursion, maybe Cuba. Sounds like a great trip. I am waiting until the Key West Express starts running the fast cat down there. That should be about an 8 hour ride to Havana. I think a day or two would be plenty. |
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