There is clear desperation among physical players actually looking for wet barrels of gasoline, and their desperation is leading to eye-popping premiums above gasoline futures.
More Quotes from Tom Kloza:
The flow of money into commodities is comparable with the flow of money into mutual funds in the 1980s and 1990s. It's like steroids, pumping up prices and leading people to talk about super-spikes to 100 a barrel or more.Tom Kloza
The story of the (oil) market these days is wild swings. Geopolitical events could surface at any moment that could lead to a temporary spike.
Tom Kloza
Ask any dealer or marketer who is on their No. 1 most wanted list, and they would say the credit-card companies. Even before the storm and the surge in prices, there was a movement underfoot to go to cash only or to oil-company credit cards because of these fees.
Tom Kloza
This is speculation and fear about what is more or less a typical September event. It really underscores how maniacal the entire oil trading business has become.
Tom Kloza
These fees have stayed the same for the past two years for something that many feel is cheaper to do, which a lot of these marketers think is obscene and is one of the hidden costs in these high prices.
Tom Kloza
Unfortunately, I don't think 3 a gallon is a hyperbolic number in some markets anymore.
Tom Kloza
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