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Hedging fuel costs

Discussion in 'Experienced Truckers' Advice' started by rank, Aug 10, 2023.

Page 2 of 3
  1. Aug 11, 2023 #11
    mustang190

    mustang190 Road Train Member

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    How much fuel are you talking about buying? Usually when your doing what you’re trying it’s purchased in barrels.
     
    mustang190, Aug 11, 2023
    mustang190, Aug 11, 2023
    #11
    rank Thanks this.
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  3. Aug 11, 2023 #12
    Last Call

    Last Call Road Train Member

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    Have you run the numbers to make sure its a real cost saving for the amount of money you have to front ?
     
    Last Call, Aug 11, 2023
    Last Call, Aug 11, 2023
    #12
    rank Thanks this.
  4. Aug 11, 2023 #13
    rank

    rank Road Train Member

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    i quoted a firm fixed price on 9500 miles of trucking for this one customer over the next 12 months. I wanted to lock in fuel costs for that contract only..... about 1500 gallons.
     
    rank, Aug 11, 2023
    rank, Aug 11, 2023
    #13
    Oxbow Thanks this.
  5. Aug 11, 2023 #14
    rank

    rank Road Train Member

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    talked to my supplier about it. there is no cost to me it's all based on the futures price for whatever delivery months choose. Basically they're buying the futures contract for me at no charge to lock in the business. But they want a minimum of 10,000 gallons to do it.
     
    Last edited: Aug 11, 2023
    rank, Aug 11, 2023
    rank, Aug 11, 2023
    #14
    Last Call Thanks this.
  7. Aug 11, 2023 #15
    Oxbow

    Oxbow Road Train Member

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    Hey @rank good to see you.
     
    Oxbow, Aug 11, 2023
    Oxbow, Aug 11, 2023
    #15
    rank Thanks this.
  8. Aug 11, 2023 #16
    rank

    rank Road Train Member

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    50 miles north of Rochester, NY
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    there is a way to do this through my commodity broker. i just have to figure it out.
     
    rank, Aug 11, 2023
    rank, Aug 11, 2023
    #16
  9. Aug 11, 2023 #17
    rank

    rank Road Train Member

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    u2 buddy
     
    rank, Aug 11, 2023
    rank, Aug 11, 2023
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    Oxbow Thanks this.
  10. Aug 11, 2023 #18
    wichris

    wichris Road Train Member

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    Don't think it's possible to do 1500/gal over a 12 month period.
     
    wichris, Aug 11, 2023
    wichris, Aug 11, 2023
    #18
    RockinChair, rank and Oxbow Thank this.
  11. Aug 11, 2023 #19
    rank

    rank Road Train Member

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    no. that's why i was thinking about using a futures contract. I'll try to paper trade one and see what happens
     
    Last edited: Aug 11, 2023
    rank, Aug 11, 2023
    rank, Aug 11, 2023
    #19
    Oxbow Thanks this.
  12. Aug 11, 2023 #20
    No_worries

    No_worries Bobtail Member

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    If you have a brokerage account, most platforms will let you trade commodities futures contracts. You just have to get approved, then you can do it all via your computer. But yes, futures contracts are fairly large.
     
    No_worries, Aug 11, 2023
    No_worries, Aug 11, 2023
    #20
    rank Thanks this.
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