Gas Is Totally Out Of Control

[Guest]

Rbob futures should have gas at 3.65ish range.  But we're at 4.09  Fast to increase, slow to decrease.

If you want to know where gas prices should be or if you're interested in what they'll move you can watch the futures markets.  Watch rbob futures and add a premium for your area.  Our area runs a .50-.60 premium but yours is likely different. 

[Guest]

[Guest]

[Guest]

Don't you complain folks, over here in Germany gas is at around $8,30 per gallon (i.e. € 2,20 per liter) right now...

[Guest]

imagine what $5 diesel is going to do to the cost of food,  from farming to shipping,  lots of diesel goes into what we eat.

[Guest]

and in unrelated news... russia and the ukraine are 2 of the largest sources of pig iron in the world,  my industry doesnt see a lot of pig iron used,  but we are seeing other forms or iron sky rocketing due to the pig iron users having to go to other forms of iron for their products.  I just had a $150 ton surcharge added to all my iron orders that are undelivered at this time.  1 project alone that hits $36,000.  I talked to a communication tower company that has had tower prices triple since October and have had about 90% of their orders cancel in the last month or so because they cant honor the quoted prices from late fall.

at what point does this whole thing just come crashing down in epic fashion and we have to bail out the banks and industries again?

[Guest]

@JimmyinSD said:
imagine what $5 diesel is going to do to the cost of food,  from farming to shipping,  lots of diesel goes into what we eat.

So, you've had my ex's cooking.

[Guest]

@JimmyinSD said:
and in unrelated news... russia and the ukraine are 2 of the largest sources of pig iron in the world,  my industry doesnt see a lot of pig iron used,  but we are seeing other forms or iron sky rocketing due to the pig iron users having to go to other forms of iron for their products.  I just had a $150 ton surcharge added to all my iron orders that are undelivered at this time.  1 project alone that hits $36,000.  I talked to a communication tower company that has had tower prices triple since October and have had about 90% of their orders cancel in the last month or so because they cant honor the quoted prices from late fall.

at what point does this whole thing just come crashing down in epic fashion and we have to bail out the banks and industries again?

May '22

[Guest]

@JustinTime18™ said:

@JimmyinSD said:
imagine what $5 diesel is going to do to the cost of food,  from farming to shipping,  lots of diesel goes into what we eat.

So, you've had my ex's cooking.

usually I am referring to diesel when I am drinking whiskey.  

[Guest]

@JimmyinSD said:
imagine what $5 diesel is going to do to the cost of food,  from farming to shipping,  lots of diesel goes into what we eat.

The diesel is a big deal but again the price on the sign right now is inflated by a ton. (10-15%ish)
Its the lack of fertilizer, chemicals, and crops being planted in the Ukraine that should keep you up at night.  Urea is +$750/ton right now.  It was $200ish.