Oklahoma crude oil prices as of noon Friday, June 12.
WTI - $36.26
From the Tank Tiger, Ernie Barsamian, oil storage broker
In what has to be the greatest comeback since the Puke & Rally days of the Sigma Nu Titans, oil has once again come up off of the mat. Of course we’ve all seen this before, but how soon we forget. The most certain cure for low prices is...... low prices. Producers disappear, supply shrinks, strong hands buy and prices go up. Until they don’t go up anymore. Refinery margins are still unsavory and while demand has rebounded, common sense dictates that there is way too much uncertainty at this time to warrant a prediction of a 100 percent recovery. Gasoline demand is still off by 20 percent and no one seems to be in a hurry to go back to the joys of commuting. Jet Fuel demand is still off by about 60 percent. There’s only so much Jet Fuel that refiners can dump into diesel. Crude stockpiles in the US increased by 5.72 million barrels to a total of 538.1 million barrels, close to a record high. In sympathy, crude oil’s remarkable price rally finally cooled off, recording its first weekly loss in seven weeks. WTI closed the week at $36.26 a barrel.
This dynamic oil price environment will also mean that demand for storage will fluctuate. For those of you who were all sad when you missed out on the rush for Cushing storage, today is your lucky day. The Tank Tiger just listed some very wellconnected storage in Cushing. That’s right, it’s like finding a Mickey Mantle rookie card when you were going through all of your Horace Clarke doubles. While you’re at it, take a look at our St. James storage, other export tankage and the cornucopia of distillate storage we have available. If you’re sitting on storage you’re not using, don’t be a chazzer. Look at all of the requests for storage that we have. Subleases are The Tank Tiger specialty! www.thetanktiger.com.
Oklahoma gas prices have risen 5.3 cents per gallon in the past week, averaging $1.78/g today, according to GasBuddy’s daily survey of 2,294 stations. Gas prices in Oklahoma are 29.1 cents per gallon higher than a month ago and stand 61.1 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Oklahoma is priced at $1.58/g today while the most expensive is $2.25/g, a difference of 67.0 cents per gallon. The lowest price in the state today is $1.58/g while the highest is $2.25/g, a difference of 67.0 cents per gallon.
The national average price of gasoline has risen 4.7 cents per gallon in the last week, averaging $2.09/g today. The national average is up 23.3 cents per gallon from a month ago and stands 57.7 cents per gallon lower than a year ago.
Historical gasoline prices in Oklahoma and the national average going back ten years:
June 15, 2019: $2.39/g (U.S. Average: $2.67/g)
June 15, 2018: $2.62/g (U.S. Average: $2.90/g)
June 15, 2017: $2.02/g (U.S. Average: $2.30/g)
June 15, 2016: $2.09/g (U.S. Average: $2.37/g)
June 15, 2015: $2.55/g (U.S. Average: $2.81/g)
June 15, 2014: $3.42/g (U.S. Average: $3.67/g)
June 15, 2013: $3.51/g (U.S. Average: $3.62/g)
June 15, 2012: $3.32/g (U.S. Average: $3.52/g)
June 15, 2011: $3.54/g (U.S. Average: $3.68/g)
June 15, 2010: $2.53/g (U.S. Average: $2.67/g)
Neighboring areas and their current gas prices:
Oklahoma City-$1.82/g, up 5.9 cents per gallon from last week’s $1.76/g.
Tulsa-$1.74/g, up 7.5 cents per gallon from last week’s $1.67/g.
Amarillo-$1.68/g, up 0.3 cents per gallon from last week’s $1.68/g.
“As gasoline demand continues on the road to recovery, the national average has advanced for another week, making it seven straight weeks of rising gas prices as the easing coronavirus situation inspires more Americans to hit the road,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Data from Pay with GasBuddy shows U.S. gasoline demand rose 2.4% last week to its highest level in over three months, giving renewed confidence that amidst OPEC’s crude oil cutbacks, supply will remain in check. I expect the upward trend to continue across most of the country ahead of July 4, with prices perhaps rising another 10-20 cents by then. The one thing that could bring restraint to rising gas prices is if we see a significant second wave of COVID-19 cases, but for now, I’m optimistic that won’t happen.”