2 hours ago
September WTI crude oil (CLU26) today is down -3.77 (-4.72%), and September RBOB gasoline (RBU26) is down -0.1201 (-4.05%).
Crude oil and gasoline prices are sharply lower today for a second day, with crude falling to a 3-week low and gasoline dropping to a 4.75-month nearest-futures low. Growing hopes that the US and Iran are moving to a deal to reopen the Strait of Hormuz are weighing on crude prices. Also, an increase in Saudi oil exports through the Red Sea is boosting global crude supplies and undercutting oil prices.
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Mizuho Says Bloom Energy Stock Is a 'Buy.' Here's Why, and Whether You Should Snap Up BE Here.
July's Top Commodity Performers and Underperformers
#crude #gasoline #september #rbob
Crude oil and gasoline prices are sharply lower today for a second day, with crude falling to a 3-week low and gasoline dropping to a 4.75-month nearest-futures low. Growing hopes that the US and Iran are moving to a deal to reopen the Strait of Hormuz are weighing on crude prices. Also, an increase in Saudi oil exports through the Red Sea is boosting global crude supplies and undercutting oil prices.
Nat-Gas Prices Gain on Higher US LNG Exports
Mizuho Says Bloom Energy Stock Is a 'Buy.' Here's Why, and Whether You Should Snap Up BE Here.
July's Top Commodity Performers and Underperformers
#crude #gasoline #september #rbob
3 days ago
Concerned about an AI bubble? Sign up for The Daily Upside for smart and actionable market news, built for investors.
You thought gasoline prices have gone up? That's nothing compared with the soaring cost of memory chips, which have become not only incredibly expensive but also increasingly scarce relative to demand because of the AI buildout.
To see why, you only need to understand two things.
The first is compute, the most famous component of the AI buildout. In short, it's the hardware that provides the processing power to speed up AI and machine learning. As Big Tech hyperscalers and the major AI labs have raced to obtain as much processing power as possible for their more and more sophisticated advanced models, high-end hardware like Nvidia's graphics processing units (GPUs) has become one of the world's most coveted resources. The demand transformed the semiconductor designer into one of the most profitable and valuable companies on earth.
Sign up for The Daily Upside at no cost for premium ******* ysis on all your favorite stocks.
#daily #become #buildout #hardware
You thought gasoline prices have gone up? That's nothing compared with the soaring cost of memory chips, which have become not only incredibly expensive but also increasingly scarce relative to demand because of the AI buildout.
To see why, you only need to understand two things.
The first is compute, the most famous component of the AI buildout. In short, it's the hardware that provides the processing power to speed up AI and machine learning. As Big Tech hyperscalers and the major AI labs have raced to obtain as much processing power as possible for their more and more sophisticated advanced models, high-end hardware like Nvidia's graphics processing units (GPUs) has become one of the world's most coveted resources. The demand transformed the semiconductor designer into one of the most profitable and valuable companies on earth.
Sign up for The Daily Upside at no cost for premium ******* ysis on all your favorite stocks.
#daily #become #buildout #hardware
3 days ago
The world's shrinking spare capacity to produce gasoline and diesel is running up against the White House's desire to temper the rise in pump prices ahead of the midterms.
The chief executives of Exxon Mobil and Chevron warned Friday that refineries that produce gasoline and diesel are already running at full tilt and can't be turned up much more to make up for global shortages due to the war in Iran and other geopolitical hotspots. That could mean higher prices for consumers at the pump in the coming months, they said.
Exxon Mobil CEO Darren Woods said the company would "push as hard as we can" to increase fuel production given that higher energy prices have a "significant impact on consumers and people's pocketbooks."
"With all that supply out, we're well below available capacity, frankly, that I've ever seen," he said on the company's earnings call. "It's going to take a while for the industry to kind of climb its way out of that hole."
Their remarks come as the Trump administration is racing to blunt the impact of elevated gasoline prices with three months until Americans go to the polls. The American Automobile ***** ociation reported nationwide pump prices were averaging $4.10 per gallon — nearly a dollar more than the same period last year. Refineries in the United States, meanwhile, operated at roughly 97 percent of their operable capacity this month, the U.S. Energy Information Administration said this week, while Shell reported Friday that it was running its refineries at record rates actually above their official capacities during the second quarter.
#pump
The chief executives of Exxon Mobil and Chevron warned Friday that refineries that produce gasoline and diesel are already running at full tilt and can't be turned up much more to make up for global shortages due to the war in Iran and other geopolitical hotspots. That could mean higher prices for consumers at the pump in the coming months, they said.
Exxon Mobil CEO Darren Woods said the company would "push as hard as we can" to increase fuel production given that higher energy prices have a "significant impact on consumers and people's pocketbooks."
"With all that supply out, we're well below available capacity, frankly, that I've ever seen," he said on the company's earnings call. "It's going to take a while for the industry to kind of climb its way out of that hole."
Their remarks come as the Trump administration is racing to blunt the impact of elevated gasoline prices with three months until Americans go to the polls. The American Automobile ***** ociation reported nationwide pump prices were averaging $4.10 per gallon — nearly a dollar more than the same period last year. Refineries in the United States, meanwhile, operated at roughly 97 percent of their operable capacity this month, the U.S. Energy Information Administration said this week, while Shell reported Friday that it was running its refineries at record rates actually above their official capacities during the second quarter.
#pump
4 days ago
With the number of drones and missiles flying toward energy infrastructure in the Gulf these days, it might seem like a strange time to pour capital into that sector, in that region. But a gold rush is shaping up to profit from new workarounds to the Strait of Hormuz.
A group of US and Saudi investors said Wednesday they're closing in on a site for a $5 billion oil refining complex. It will be somewhere in the Gulf region, but outside the Strait, the project's organizers told me. With the aim to process up to 200,000 barrels of crude oil daily, it would be smaller than the major Gulf refineries. But the idea is to set up a port-connected "energy corridor" for producing and exporting not just staples like gasoline but also plastics, fertilizers, and just about anything else one can squeeze out of a hydrocarbon.
The idea was born before the war broke out, Mark Gunderson, a Texas oil developer whose MWG Enterprises is a partner in the project, told me. But now its logic is especially clear: Given the security and infrastructure limits on how much crude can flow out of the region, turning the oil into something else first can make it accessible to a broader range of traders and export vessels. "What can you do to make the oil move faster?" he said. "It doesn't necessarily have to be different or bigger pipes. It has to be technical solutions, and products that flow easier."
The project, whose other backers include the Patel Family Office and Saudi's AHQ Group, is part of a larger tide of capital flowing into Gulf oil infrastructure. Chevron is doubling down in Iraq. The UAE is building new pipelines and ports. On Monday, private equity giants Brookfield, Blackstone, and KKR signed a $16 billion lease on Kuwait's national pipeline network. "Security risks may be encouraging investment in more resilient infrastructure, rather than deterring it," said Salih Yilmaz, senior oil ******* yst at Bloomberg Intelligence.
The refinery project has plenty of hurdles ahead. But as refinery construction stalls out in the US and Europe, and a wider variety of crudes from Africa and elsewhere flow the Gulf, now is a good time to take the risk, Lakshmi Narayanan, Patel's vice-chair, told me: "Pre-conflict and post-conflict, Gulf countries have always been open [for energy investment], but now the market's sentiments are different."
#gulf #infrastructure #strait
A group of US and Saudi investors said Wednesday they're closing in on a site for a $5 billion oil refining complex. It will be somewhere in the Gulf region, but outside the Strait, the project's organizers told me. With the aim to process up to 200,000 barrels of crude oil daily, it would be smaller than the major Gulf refineries. But the idea is to set up a port-connected "energy corridor" for producing and exporting not just staples like gasoline but also plastics, fertilizers, and just about anything else one can squeeze out of a hydrocarbon.
The idea was born before the war broke out, Mark Gunderson, a Texas oil developer whose MWG Enterprises is a partner in the project, told me. But now its logic is especially clear: Given the security and infrastructure limits on how much crude can flow out of the region, turning the oil into something else first can make it accessible to a broader range of traders and export vessels. "What can you do to make the oil move faster?" he said. "It doesn't necessarily have to be different or bigger pipes. It has to be technical solutions, and products that flow easier."
The project, whose other backers include the Patel Family Office and Saudi's AHQ Group, is part of a larger tide of capital flowing into Gulf oil infrastructure. Chevron is doubling down in Iraq. The UAE is building new pipelines and ports. On Monday, private equity giants Brookfield, Blackstone, and KKR signed a $16 billion lease on Kuwait's national pipeline network. "Security risks may be encouraging investment in more resilient infrastructure, rather than deterring it," said Salih Yilmaz, senior oil ******* yst at Bloomberg Intelligence.
The refinery project has plenty of hurdles ahead. But as refinery construction stalls out in the US and Europe, and a wider variety of crudes from Africa and elsewhere flow the Gulf, now is a good time to take the risk, Lakshmi Narayanan, Patel's vice-chair, told me: "Pre-conflict and post-conflict, Gulf countries have always been open [for energy investment], but now the market's sentiments are different."
#gulf #infrastructure #strait
5 days ago
September WTI crude oil (CLU26) today is down -0.16 (-0.19%), and September RBOB gasoline (RBU26) is down -0.0740 (-2.29%).
Crude oil and gasoline prices gave up an overnight advance and turned lower on hopes for a diplomatic solution to the US-Iran war, along with signs of increased oil tanker traffic through the Strait of Hormuz. Crude prices initially moved higher today after the dollar index ($DXY) dropped to a 6-week low. Ongoing hostilities in the Middle East are also underpinning crude prices.
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#down #rbob
Crude oil and gasoline prices gave up an overnight advance and turned lower on hopes for a diplomatic solution to the US-Iran war, along with signs of increased oil tanker traffic through the Strait of Hormuz. Crude prices initially moved higher today after the dollar index ($DXY) dropped to a 6-week low. Ongoing hostilities in the Middle East are also underpinning crude prices.
How Volatility Clustering Could Trigger a Comeback in Baker Hughes (BKR) Stock
Nat-Gas Prices Rebound Ahead of August Contract Expiration
Crude Oil Prices Soar as US-Iran Tensions Escalate
#down #rbob
6 days ago
September WTI crude oil (CLU26) today is up +5.31 (+6.70%), and September RBOB gasoline (RBU26) is up -0.0802 (+2.55%).
Crude oil and gasoline prices are soaring today amid a fresh round of hostilities in the Middle East, which threatens global energy supplies. Gains in crude accelerated after President Trump said the US will "hit Iran hard" after a recent attack from Iran that targeted a US base in Jordan. Crude prices raced to their highs after weekly EIA crude inventories unexpectedly fell to a 7.75-year low and after crude supplies at Cushing sank to a nearly 12-year low.
Tesla Just Delayed Its Biggest Growth Story. What That Means for TSLA Stock.
Crude Oil Prices Pressured by Optimism Over Iran Negotiations
Cooler US Weather Forecasts Push Nat-Gas Prices Lower
#Iran
Crude oil and gasoline prices are soaring today amid a fresh round of hostilities in the Middle East, which threatens global energy supplies. Gains in crude accelerated after President Trump said the US will "hit Iran hard" after a recent attack from Iran that targeted a US base in Jordan. Crude prices raced to their highs after weekly EIA crude inventories unexpectedly fell to a 7.75-year low and after crude supplies at Cushing sank to a nearly 12-year low.
Tesla Just Delayed Its Biggest Growth Story. What That Means for TSLA Stock.
Crude Oil Prices Pressured by Optimism Over Iran Negotiations
Cooler US Weather Forecasts Push Nat-Gas Prices Lower
#Iran
7 days ago
Oil prices have just come off a fresh two-month high as the crude oil market has tumbled this week amid signals of de-escalation in the U.S.-Iran conflict.
Despite the slump in crude prices and the extreme volatility in the past five months, the refined product market continues to tighten with refining margins at record highs because the supply of petroleum products is much tighter than crude supply.
Refining margins held at record highs even as crude oil prices soared last week to $100 per barrel. That's because global gasoline, diesel, and jet fuel supply is tightening and has been tightening for months amid a combination of factors, most stemming from the wars in Iran and Ukraine.
While crude oil futures largely reflect market hopes and fears for prices ahead, the gasoline and diesel refining margins, supply, and prices reflect the real-time situation with refinery throughput, global fuel flows, and availability in various markets.
Record High Refining Margins
#crude #margins #record #Iran
Despite the slump in crude prices and the extreme volatility in the past five months, the refined product market continues to tighten with refining margins at record highs because the supply of petroleum products is much tighter than crude supply.
Refining margins held at record highs even as crude oil prices soared last week to $100 per barrel. That's because global gasoline, diesel, and jet fuel supply is tightening and has been tightening for months amid a combination of factors, most stemming from the wars in Iran and Ukraine.
While crude oil futures largely reflect market hopes and fears for prices ahead, the gasoline and diesel refining margins, supply, and prices reflect the real-time situation with refinery throughput, global fuel flows, and availability in various markets.
Record High Refining Margins
#crude #margins #record #Iran
8 days ago
September WTI crude oil (CLU26) today is down -6.06 (-6.79%), and September RBOB gasoline (RBU26) is down -0.0679 (-2.10%).
Crude oil and gasoline prices are sinking today, with gasoline falling to a 1-week low. The easing of tensions in the Middle East is weighing on energy prices today after the US and Iran held off on further attacks against each other for a third day, and Iran signaled it would refrain from any retaliation as it held negotiations with Oman over the Strait of Hormuz. Also, President Trump said today that the US paused Iran strikes to give peace talks a chance.
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#september
Crude oil and gasoline prices are sinking today, with gasoline falling to a 1-week low. The easing of tensions in the Middle East is weighing on energy prices today after the US and Iran held off on further attacks against each other for a third day, and Iran signaled it would refrain from any retaliation as it held negotiations with Oman over the Strait of Hormuz. Also, President Trump said today that the US paused Iran strikes to give peace talks a chance.
Tesla Missed by 38% But Elon Musk Is Not Worried. Here's What TSLA Investors Should Make of That.
Dear Bloom Energy Stock Fans, Mark Your Calendars for July 28
What Do Monday Morning's Markets Bring to Mind?
#september
9 days ago
Global equities ended last week little changed in local currency and up 0.6% in sterling terms. This continued the choppy pattern of recent weeks with markets currently down 1.5-2% from their peak in early June. The US underperformed with a gain of 0.3% in sterling terms while the UK and emerging markets were both up around 1.3%.
Meanwhile, government bonds in the US and UK both lost 0.5% with yields re-testing their highs in early May. 10-year UK gilt yields tested 5.1% while US yields reached 4.7%, before retreating a bit.
The war with Iran was centre stage with renewed attacks by both sides and Trump once again upping his threats. The new ingredient this time was that concerns were not limited to the Strait of Hormuz but extended to the Bab El Mandeb Strait with the Houthis exchanging blows with Saudi Arabia and threatening to close the waterway.
The importance of this new chokepoint is two-fold. First, it threatens Saudi's ability to divert via its pipeline a good part of its oil production to the Red Sea rather than the Strait of Hormuz. Second, it poses a threat to container traffic more generally which use the Suez Canal to avoid a long and costly diversion around the African coast.
Oil duly moved back up to $100 per barrel mid-week from a low of close to $70pb all of three weeks ago. But it is back down to $88pb this morning as negotiations between the US and Iran started up once again over the weekend, easing fears of a major escalation. However, this morning, Iran said it is not seeking new peace talks, so the confusion continues.
Even so, the fact remains that Trump appears to have chickened out yet again – be it because the hike in oil prices has pushed US gasoline prices back above $4 per gallon, the rise in US Treasury yields has caused concerns or because, as has been reported, the US lacks the necessary munitions.
#strait #back #sterling
Meanwhile, government bonds in the US and UK both lost 0.5% with yields re-testing their highs in early May. 10-year UK gilt yields tested 5.1% while US yields reached 4.7%, before retreating a bit.
The war with Iran was centre stage with renewed attacks by both sides and Trump once again upping his threats. The new ingredient this time was that concerns were not limited to the Strait of Hormuz but extended to the Bab El Mandeb Strait with the Houthis exchanging blows with Saudi Arabia and threatening to close the waterway.
The importance of this new chokepoint is two-fold. First, it threatens Saudi's ability to divert via its pipeline a good part of its oil production to the Red Sea rather than the Strait of Hormuz. Second, it poses a threat to container traffic more generally which use the Suez Canal to avoid a long and costly diversion around the African coast.
Oil duly moved back up to $100 per barrel mid-week from a low of close to $70pb all of three weeks ago. But it is back down to $88pb this morning as negotiations between the US and Iran started up once again over the weekend, easing fears of a major escalation. However, this morning, Iran said it is not seeking new peace talks, so the confusion continues.
Even so, the fact remains that Trump appears to have chickened out yet again – be it because the hike in oil prices has pushed US gasoline prices back above $4 per gallon, the rise in US Treasury yields has caused concerns or because, as has been reported, the US lacks the necessary munitions.
#strait #back #sterling
9 days ago
U.S. airlines are grappling with soaring jet fuel costs again after the return of hostilities in the Middle East shattered the three-week-long U.S.-Iran 'deal to make a deal' and sent Brent crude oil prices soaring past $100 per barrel again.
The U.S. jet fuel market has been tightening since March, although there haven't been concerns about any shortages in America, unlike in Europe, which in April was supposed to run out of stockpiles within six weeks.
Europe didn't see shortages, but the global markets tightened, and prices spiked amid peak seasonal demand during the summer holiday travel.
U.S. jet fuel exports, and exports of all other fuels including gasoline and diesel, hit record highs this month as refining margins soared with crude supply still constrained at the Strait of Hormuz.
The result is spiking fuel costs that depress airline earnings and raise air fares for consumers.
#fuel
The U.S. jet fuel market has been tightening since March, although there haven't been concerns about any shortages in America, unlike in Europe, which in April was supposed to run out of stockpiles within six weeks.
Europe didn't see shortages, but the global markets tightened, and prices spiked amid peak seasonal demand during the summer holiday travel.
U.S. jet fuel exports, and exports of all other fuels including gasoline and diesel, hit record highs this month as refining margins soared with crude supply still constrained at the Strait of Hormuz.
The result is spiking fuel costs that depress airline earnings and raise air fares for consumers.
#fuel
9 days ago
Less than a month ago, **** ysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U.S.-Iran ceasefire. Within days of these warnings, the ceasefire was a painful memory, missiles were flying again, and now Yemen's Houthis are striking tankers in the Red Sea, which makes two blocked oil chokepoints and a very real danger of a global recession.
Brent crude this week topped $100 per barrel on reports that the Houthis had struck two Saudi tankers in the Bab el-Mandeb Strait, which Saudi Arabia is currently using as the primary outlet for its crude amid the Iranian blockade of the Strait of Hormuz. Soon enough it emerged that tankers that were heading to the Red Sea waterway were making U-turns and heading to alternative routes—which take longer and cost more.
Meanwhile, Ukrainian drone strikes on the Caspian Pipeline System's terminus on the Black Sea have forced Kazakhstan to suspend most of its oil exports. The target of the drone attacks was the Novorossiysk port on Russia's Black Sea coast, which also happens to be the point of departure of the bulk of Kazakh oil exports to world markets. Bloomberg reported this week that tanker operators were getting nervous about sending their vessels to the port of Novorossiysk because Ukrainian drones were also striking ships at the port.
The Strait of Hormuz used to see average daily oil volumes of some 20 million barrels daily. This has now slowed to a trickle. The Red Sea chokepoint of Bab el-Mandeb has been handling between 4 and 5 million barrels daily of Saudi oil in recent weeks, according to different estimates. Now, this too appears to be almost completely blocked. Add to this the loss of 1.7 million barrels daily in Kazakh flows to Novorossiysk, and the global oil supply picture takes on a rather grim tint. Additionally, the Ukrainian forces continue to target Russian refineries, which has already led to a temporary ban on diesel exports at a time when global fuel inventories are getting strained by the first-wave effects of the Middle East war.
In fact, the situation with refined petroleum products is a major crisis in its own right. "Unlike crude oil, refined products face far fewer mitigation options. Several Middle Eastern refineries remain affected by the ongoing conflict while Russia's diesel export restrictions continue to constrain global availability," Ole Hansen, Saxo Bank's head of commodity strategy, said in an **** ysis earlier this month. "Refining capacity globally also remains relatively limited, preventing crude supply increases from quickly translating into additional diesel and gasoline production," he added.
#daily #exports
Brent crude this week topped $100 per barrel on reports that the Houthis had struck two Saudi tankers in the Bab el-Mandeb Strait, which Saudi Arabia is currently using as the primary outlet for its crude amid the Iranian blockade of the Strait of Hormuz. Soon enough it emerged that tankers that were heading to the Red Sea waterway were making U-turns and heading to alternative routes—which take longer and cost more.
Meanwhile, Ukrainian drone strikes on the Caspian Pipeline System's terminus on the Black Sea have forced Kazakhstan to suspend most of its oil exports. The target of the drone attacks was the Novorossiysk port on Russia's Black Sea coast, which also happens to be the point of departure of the bulk of Kazakh oil exports to world markets. Bloomberg reported this week that tanker operators were getting nervous about sending their vessels to the port of Novorossiysk because Ukrainian drones were also striking ships at the port.
The Strait of Hormuz used to see average daily oil volumes of some 20 million barrels daily. This has now slowed to a trickle. The Red Sea chokepoint of Bab el-Mandeb has been handling between 4 and 5 million barrels daily of Saudi oil in recent weeks, according to different estimates. Now, this too appears to be almost completely blocked. Add to this the loss of 1.7 million barrels daily in Kazakh flows to Novorossiysk, and the global oil supply picture takes on a rather grim tint. Additionally, the Ukrainian forces continue to target Russian refineries, which has already led to a temporary ban on diesel exports at a time when global fuel inventories are getting strained by the first-wave effects of the Middle East war.
In fact, the situation with refined petroleum products is a major crisis in its own right. "Unlike crude oil, refined products face far fewer mitigation options. Several Middle Eastern refineries remain affected by the ongoing conflict while Russia's diesel export restrictions continue to constrain global availability," Ole Hansen, Saxo Bank's head of commodity strategy, said in an **** ysis earlier this month. "Refining capacity globally also remains relatively limited, preventing crude supply increases from quickly translating into additional diesel and gasoline production," he added.
#daily #exports
13 days ago
LOS ANGELES (AP) — Republican Steve Hilton launched his general election campaign for California governor Wednesday with a gambit to win over left-leaning voters who dominate the state: Even if they loathe President Donald Trump, he said, they should consider voting for him.
During an event in Los Angeles, against the backdrop of a stinking, scorched food warehouse he described as a symbol of the state's political incompetence, Hilton rolled out a list of campaign promises clearly aimed at residents buckling under California's notoriously high cost of living. He vowed to bring the price of gasoline down to $3 a gallon, about half the current cost, cut residents' utility bills in half, now among the nation's highest, and eliminate state income taxes on the first $150,000 in earnings.
He blamed the state's problems — from homelessness to low student test scores — squarely on Democrats, who hold every statewide office and supermajorities in the Legislature. He called Democrats a "rotten regime that has abandoned the working class."
In his campaign remarks and ads he took out in leading newspapers throughout the state, Hilton addressed his relationship with Trump, who has endorsed him in the race.
"This is not about who you hate in Washington. It's about what we love about California and what we can do to make California once again the best place anywhere in the country to start and raise a family, to start and run a business," he said before a small group of supporters. "That's what this election is about."
#campaign #Trump
During an event in Los Angeles, against the backdrop of a stinking, scorched food warehouse he described as a symbol of the state's political incompetence, Hilton rolled out a list of campaign promises clearly aimed at residents buckling under California's notoriously high cost of living. He vowed to bring the price of gasoline down to $3 a gallon, about half the current cost, cut residents' utility bills in half, now among the nation's highest, and eliminate state income taxes on the first $150,000 in earnings.
He blamed the state's problems — from homelessness to low student test scores — squarely on Democrats, who hold every statewide office and supermajorities in the Legislature. He called Democrats a "rotten regime that has abandoned the working class."
In his campaign remarks and ads he took out in leading newspapers throughout the state, Hilton addressed his relationship with Trump, who has endorsed him in the race.
"This is not about who you hate in Washington. It's about what we love about California and what we can do to make California once again the best place anywhere in the country to start and raise a family, to start and run a business," he said before a small group of supporters. "That's what this election is about."
#campaign #Trump
13 days ago
September WTI crude oil (CLU26) on Wednesday closed up +2.49 (+2.95%), and September RBOB gasoline (RBU26) closed up +0.0186 (+0.58%).
Crude oil and gasoline prices settled sharply higher on Wednesday, with crude posting a 6-week high and gasoline climbing to a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high on Wednesday after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Costco Officially Launched Standalone Gas Stations. Don't Count on This Fueling Another Leg Higher in COST Stock.
#prices #september
Crude oil and gasoline prices settled sharply higher on Wednesday, with crude posting a 6-week high and gasoline climbing to a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high on Wednesday after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Costco Officially Launched Standalone Gas Stations. Don't Count on This Fueling Another Leg Higher in COST Stock.
#prices #september
13 days ago
September WTI crude oil (CLU26) today is up +2.37 (+2.81%), and September RBOB gasoline (RBU26) is up +0.0171 (+0.53%).
Crude oil and gasoline prices are sharply higher today, with crude posting a 6-week high and gasoline posting a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high today after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Fervo Energy Just Scored a New 'Buy' Rating. Here's Why.
#crude #prices #high #september
Crude oil and gasoline prices are sharply higher today, with crude posting a 6-week high and gasoline posting a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high today after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Fervo Energy Just Scored a New 'Buy' Rating. Here's Why.
#crude #prices #high #september
13 days ago
Tesla (TSLA) reported that its electric vehicle (EV) sales jumped in the second quarter, as the firm is likely benefiting from higher demand for EVs amid higher gasoline prices. And in a sign that the automaker expects the latter trend to continue for some time, Elon Musk's company reportedly plans to increase production at its German auto plants.
Still, with Tesla's self-driving technology and robotaxi initiatives underwhelming in many respects and the shares still changing hands at an extremely high valuation, TSLA stock looks very expensive. Further, given its poor execution in these areas, there's a sizeable risk that its newer initiatives, on which it's expected to spend large amounts of money, will not produce favorable results. In light of these points, the shares do not look appealing.
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#Stock #still #further
Still, with Tesla's self-driving technology and robotaxi initiatives underwhelming in many respects and the shares still changing hands at an extremely high valuation, TSLA stock looks very expensive. Further, given its poor execution in these areas, there's a sizeable risk that its newer initiatives, on which it's expected to spend large amounts of money, will not produce favorable results. In light of these points, the shares do not look appealing.
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#Stock #still #further
13 days ago
Gas prices have been front and center this year. United States retail gasoline has jumped in 2026, with the Retail Fuel Price Index showing regular gas at $3.86 per gallon in mid-July, while diesel in some states has pushed above $5 and climbed more than 2% in just a day.
That spike has fed straight into the wider economy: gas costs helped push U.S. inflation to a three-year high in May, with energy making up over 60% of that month's price increase after Iran's closure of the Strait of Hormuz cut off about a fifth of global oil supply.
Crude Oil Prices Rally on Global Supply Risks
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Fervo Energy Just Scored a New 'Buy' Rating. Here's Why.
#states #global
That spike has fed straight into the wider economy: gas costs helped push U.S. inflation to a three-year high in May, with energy making up over 60% of that month's price increase after Iran's closure of the Strait of Hormuz cut off about a fifth of global oil supply.
Crude Oil Prices Rally on Global Supply Risks
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Fervo Energy Just Scored a New 'Buy' Rating. Here's Why.
#states #global
13 days ago
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The U.K.’s rate of inflation in June declined to its lowest level in more than a year after gasoline costs fell, raising the likelihood that the Bank of England will keep its key interest rate on hold next week, even with prices likely accelerating in the months ahead.
#rate #lowest
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(2 min)
The U.K.’s rate of inflation in June declined to its lowest level in more than a year after gasoline costs fell, raising the likelihood that the Bank of England will keep its key interest rate on hold next week, even with prices likely accelerating in the months ahead.
#rate #lowest
14 days ago
(By Oil & Gas 360) – For decades, the United States measured energy security by asking whether America could produce enough oil.
The shale revolution largely answered that question. The United States became the world's largest producer of crude oil and natural gas, reducing import dependence and reshaping global energy markets. But production is only one part of the system. Crude still must be transported, processed, and converted into gasoline, diesel, jet fuel, and petrochemicals.
That raises another question:
Who owns America's refining advantage, and whose capital will determine its future?
The issue becomes more important whenever tensions rise around the Strait of Hormuz. A disruption there can quickly lift crude prices, tanker rates, insurance costs, and refined product prices around the world.
#states #prices
The shale revolution largely answered that question. The United States became the world's largest producer of crude oil and natural gas, reducing import dependence and reshaping global energy markets. But production is only one part of the system. Crude still must be transported, processed, and converted into gasoline, diesel, jet fuel, and petrochemicals.
That raises another question:
Who owns America's refining advantage, and whose capital will determine its future?
The issue becomes more important whenever tensions rise around the Strait of Hormuz. A disruption there can quickly lift crude prices, tanker rates, insurance costs, and refined product prices around the world.
#states #prices
14 days ago
August WTI crude oil (CLQ26) today is up +1.75 (+2.10%), and August RBOB gasoline (RBQ26) is up +0.0017 (+0.05%).
Crude oil and gasoline prices are pushing higher today, with crude climbing to a 5-week high. The threat to global oil supplies is boosting crude oil prices today as the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea.
Nat-Gas Prices Weaken on Tropical Storm Risk
Crude Prices Gain on Escalation of US-Iran Hostilities
Crude Prices Erase Early Gains on Possible US-Iran Truce Proposal
#tanker
Crude oil and gasoline prices are pushing higher today, with crude climbing to a 5-week high. The threat to global oil supplies is boosting crude oil prices today as the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea.
Nat-Gas Prices Weaken on Tropical Storm Risk
Crude Prices Gain on Escalation of US-Iran Hostilities
Crude Prices Erase Early Gains on Possible US-Iran Truce Proposal
#tanker
15 days ago
The national average price of gasoline in the United States topped $4 per gallon once again on Monday following the crude oil price rally of the past week amid the renewed hostilities in the Middle East and the fresh de facto closure of the Strait of Hormuz.
As of July 20, the national average price for a gallon of regular gasoline in the United States was $4.0030, according to AAA data.
Prices are now up from $3.8720 per gallon on Monday last week, following a week of re-escalation in the Middle East with Iranian attacks on vessels in the Strait of Hormuz, nine consecutive nights of U.S. strikes against Iran, and Iranian missiles targeting U.S. bases and military ****** ets in America's regional allies, including Kuwait, Jordan, and Bahrain.
At this time last year, the average price of gasoline in the United States was $3.1410.
But the war in Iran has hiked fuel prices globally, including in the United States.
#states #Monday
As of July 20, the national average price for a gallon of regular gasoline in the United States was $4.0030, according to AAA data.
Prices are now up from $3.8720 per gallon on Monday last week, following a week of re-escalation in the Middle East with Iranian attacks on vessels in the Strait of Hormuz, nine consecutive nights of U.S. strikes against Iran, and Iranian missiles targeting U.S. bases and military ****** ets in America's regional allies, including Kuwait, Jordan, and Bahrain.
At this time last year, the average price of gasoline in the United States was $3.1410.
But the war in Iran has hiked fuel prices globally, including in the United States.
#states #Monday
17 days ago
DUBAI, United Arab Emirates (AP) — The United States conducted a new round of airstrikes early Monday targeting Iran after announcing the death of another American service member, hitting around a northwestern city believed to be home to underground missile bases. Iran responded by launching an attack targeting Bahrain, the home of the U.S. Navy's 5th Fleet, and Kuwait.
The latest attacks again showed how, step by step, the U.S. and Iran have inched closer to all-out war as last month's interim deal meant to permanently end the fighting has crumbled and shipping traffic in the Strait of Hormuz has largely stalled. Both sides have targeted civilian infrastructure relied on by millions of people.
Meanwhile, benchmark Brent crude rose Monday above $90 a barrel, further fueling a global energy crisis sparked by the conflict. An average gallon of regular gasoline in the U.S. also rose to $4, a key metric for Americans that puts more pressure on their wallets ahead of midterm elections this fall.
The U.S. military said the service member was killed in Iraq on Saturday during the "controlled detonation" of a downed Iranian drone.
"We hit them very hard again tonight," U.S. President Donald Trump said. "And we did that in honor of the" soldiers killed, he said.
The latest attacks again showed how, step by step, the U.S. and Iran have inched closer to all-out war as last month's interim deal meant to permanently end the fighting has crumbled and shipping traffic in the Strait of Hormuz has largely stalled. Both sides have targeted civilian infrastructure relied on by millions of people.
Meanwhile, benchmark Brent crude rose Monday above $90 a barrel, further fueling a global energy crisis sparked by the conflict. An average gallon of regular gasoline in the U.S. also rose to $4, a key metric for Americans that puts more pressure on their wallets ahead of midterm elections this fall.
The U.S. military said the service member was killed in Iraq on Saturday during the "controlled detonation" of a downed Iranian drone.
"We hit them very hard again tonight," U.S. President Donald Trump said. "And we did that in honor of the" soldiers killed, he said.
17 days ago
Crude oil inventories in the United States fell by 1.7 million barrels during the week ending July 10, according to the latest figures from the U.S. Energy Information Administration (EIA). Commercial crude stockpiles now stand at 409.7 million barrels, leaving inventories 6% below the five-year seasonal average despite ongoing uncertainty in global energy markets.
The latest government data followed the American Petroleum Institute's (API) report released a day earlier, which estimated a more modest crude inventory draw of 564,000 barrels over the same reporting period.
Oil prices moved lower in Wednesday morning trading even as geopolitical tensions between the United States and Iran intensified. At 10:45 a.m. in New York, Brent crude was trading at $84.08 per barrel, down $0.65 (0.77%) on the day, although it remained approximately $7 per barrel higher than the same time a week earlier. West Texas Intermediate (WTI) also edged lower, slipping $0.21 (0.26%) to $79.13 per barrel.
The EIA reported that U.S. gasoline inventories declined by 1.5 million barrels, following the previous week's draw of 1.9 million barrels. Average gasoline production also eased, falling to 9.6 million barrels per day.
Meanwhile, middle distillate inventories increased by 4.6 million barrels, with daily production averaging 5.3 million barrels. Even after the latest build, distillate inventories remain 11% below the five-year average for this time of year.
The latest government data followed the American Petroleum Institute's (API) report released a day earlier, which estimated a more modest crude inventory draw of 564,000 barrels over the same reporting period.
Oil prices moved lower in Wednesday morning trading even as geopolitical tensions between the United States and Iran intensified. At 10:45 a.m. in New York, Brent crude was trading at $84.08 per barrel, down $0.65 (0.77%) on the day, although it remained approximately $7 per barrel higher than the same time a week earlier. West Texas Intermediate (WTI) also edged lower, slipping $0.21 (0.26%) to $79.13 per barrel.
The EIA reported that U.S. gasoline inventories declined by 1.5 million barrels, following the previous week's draw of 1.9 million barrels. Average gasoline production also eased, falling to 9.6 million barrels per day.
Meanwhile, middle distillate inventories increased by 4.6 million barrels, with daily production averaging 5.3 million barrels. Even after the latest build, distillate inventories remain 11% below the five-year average for this time of year.
20 days ago
By Harry Robertson and Laura Matthews
LONDON/NEW YORK, July 17 (Reuters) - The dollar was flat on Friday, on track for a weekly decline as tame U.S. inflation data led traders to cut bets on imminent rate hikes from the Federal Reserve.
Iran and the United States exchanged intensifying fire in a week-long escalation that has largely unravelled last month's truce, spurring safe-haven bids for the dollar and pushing oil prices to near one-month highs.
Meanwhile, U.S. consumer sentiment climbed to a five-month high in July, although traders said the respite may prove temporary with renewed conflict in the Middle East driving up gasoline prices.
"The tech-led global equity market plunge and ongoing disruption to Strait of Hormuz traffic have triggered a flight to safety," said Elias Haddad, global head of markets strategy at Brown Brothers Harriman. "USD recovered some of this week's losses, and global bond yields edged a bit lower."
LONDON/NEW YORK, July 17 (Reuters) - The dollar was flat on Friday, on track for a weekly decline as tame U.S. inflation data led traders to cut bets on imminent rate hikes from the Federal Reserve.
Iran and the United States exchanged intensifying fire in a week-long escalation that has largely unravelled last month's truce, spurring safe-haven bids for the dollar and pushing oil prices to near one-month highs.
Meanwhile, U.S. consumer sentiment climbed to a five-month high in July, although traders said the respite may prove temporary with renewed conflict in the Middle East driving up gasoline prices.
"The tech-led global equity market plunge and ongoing disruption to Strait of Hormuz traffic have triggered a flight to safety," said Elias Haddad, global head of markets strategy at Brown Brothers Harriman. "USD recovered some of this week's losses, and global bond yields edged a bit lower."
20 days ago
August WTI crude oil (CLQ26) on Wednesday closed up +0.26 (+0.33%), and August RBOB gasoline (RBQ26) closed up +0.0736 (+2.28%).
Crude oil and gasoline prices settled higher on Wednesday, with gasoline up sharply at a 7-week high. Crude prices found support after the US launched airstrikes against Iran for a fifth day on Wednesday in response to Iranian attacks on shipping in the Strait of Hormuz, which threatens to curb flows through the waterway and reduce global oil supplies.
Short Seller Hunterbrook Attacked Bloom Energy's Supply-Chain Claims. BE Stock Is Bruised, But Not Broken.
Crude Oil Prices Rise as US-Iran Hostilities Continue
Crude Oil Prices Erase Early Gains on a Bearish EIA Inventory Report
Crude oil and gasoline prices settled higher on Wednesday, with gasoline up sharply at a 7-week high. Crude prices found support after the US launched airstrikes against Iran for a fifth day on Wednesday in response to Iranian attacks on shipping in the Strait of Hormuz, which threatens to curb flows through the waterway and reduce global oil supplies.
Short Seller Hunterbrook Attacked Bloom Energy's Supply-Chain Claims. BE Stock Is Bruised, But Not Broken.
Crude Oil Prices Rise as US-Iran Hostilities Continue
Crude Oil Prices Erase Early Gains on a Bearish EIA Inventory Report
20 days ago
August WTI crude oil (CLQ26) today is down -0.54 (-0.68%), and August RBOB gasoline (RBQ26) is up +0.0206 (+0.64%).
Crude oil and gasoline prices are mixed today. Crude prices gave up an early advance and turned lower today on a bearish weekly EIA inventory report. Crude prices initially moved higher today after the US launched airstrikes against Iran for a fifth day today in response to Iranian attacks on shipping in the Strait of Hormuz, which threatens to reduce global oil supplies from the region.
Short Seller Hunterbrook Attacked Bloom Energy's Supply-Chain Claims. BE Stock Is Bruised, But Not Broken.
Crude Oil Prices Rise as US-Iran Hostilities Continue
Why Wednesday Is a Case of Same Story, Different Part of the World
Crude oil and gasoline prices are mixed today. Crude prices gave up an early advance and turned lower today on a bearish weekly EIA inventory report. Crude prices initially moved higher today after the US launched airstrikes against Iran for a fifth day today in response to Iranian attacks on shipping in the Strait of Hormuz, which threatens to reduce global oil supplies from the region.
Short Seller Hunterbrook Attacked Bloom Energy's Supply-Chain Claims. BE Stock Is Bruised, But Not Broken.
Crude Oil Prices Rise as US-Iran Hostilities Continue
Why Wednesday Is a Case of Same Story, Different Part of the World
20 days ago
Wholesale inflation dipped in June, the Bureau of Labor Statistics reported Wednesday, with the Producer Price Index for final demand falling 0.3%. It marked the first time the index has moved lower on a monthly basis since August 2025. And the June pullback in wholesale prices came before the ceasefire between the U.S. and Iran collapsed, driving oil prices higher again.
Final demand prices had risen 0.6% in May and 1.1% in April. On an annual basis, the index for final demand rose 5.5% through June.
The June decline was driven by a 1.4% drop in prices for final demand goods — the largest such decrease since July 2022, when goods prices fell 1.9%. Energy prices led the goods decline, falling 6.4% for the month. Food prices also slipped 0.6%. Prices for final demand goods excluding food and energy edged up 0.2%.
Gasoline accounted for nearly two-thirds of the June decline in final demand goods prices, dropping 12%. Diesel fuel, jet fuel, fresh vegetables, crude petroleum, and thermoplastic resins also fell. Plastic products and residential electric power were among the categories that posted increases.
Final demand services prices rose 0.2% in June after falling 0.1% in May. More than 60% of that gain came from trade services margins, which advanced 0.4%. Margins for fuels and lubricants retailing jumped 13%, accounting for roughly half of the services increase. Margins for machinery and vehicle wholesaling declined 8.4%.
Final demand prices had risen 0.6% in May and 1.1% in April. On an annual basis, the index for final demand rose 5.5% through June.
The June decline was driven by a 1.4% drop in prices for final demand goods — the largest such decrease since July 2022, when goods prices fell 1.9%. Energy prices led the goods decline, falling 6.4% for the month. Food prices also slipped 0.6%. Prices for final demand goods excluding food and energy edged up 0.2%.
Gasoline accounted for nearly two-thirds of the June decline in final demand goods prices, dropping 12%. Diesel fuel, jet fuel, fresh vegetables, crude petroleum, and thermoplastic resins also fell. Plastic products and residential electric power were among the categories that posted increases.
Final demand services prices rose 0.2% in June after falling 0.1% in May. More than 60% of that gain came from trade services margins, which advanced 0.4%. Margins for fuels and lubricants retailing jumped 13%, accounting for roughly half of the services increase. Margins for machinery and vehicle wholesaling declined 8.4%.
22 days ago
July 14 (Reuters) - Moscow Mayor Sergei Sobyanin said 340 Ukrainian drones had been dispatched to the area surrounding the capital over a 24-hour period and most had been downed by anti-aircraft units far from the city.
"Most of them were neutralised by air defence forces on the outer approaches," Sobyanin wrote on Telegram. "More than 50 enemy drones were destroyed on their way to Moscow."
Ukrainian drones approach the Russian capital routinely and Sobyanin provides a running account of the numbers taken out by anti-aircraft units.
Ukraine has intensified its attacks on Russian infrastructure sites, mainly linked to the oil industry.
Ukraine's military said on Tuesday it had carried out drone strikes on the Salavat petrochemical complex in the Urals and the Afipsky refinery in southern Russia. Attacks on oil infrastructure have contributed to gasoline shortages throughout Russia.
"Most of them were neutralised by air defence forces on the outer approaches," Sobyanin wrote on Telegram. "More than 50 enemy drones were destroyed on their way to Moscow."
Ukrainian drones approach the Russian capital routinely and Sobyanin provides a running account of the numbers taken out by anti-aircraft units.
Ukraine has intensified its attacks on Russian infrastructure sites, mainly linked to the oil industry.
Ukraine's military said on Tuesday it had carried out drone strikes on the Salavat petrochemical complex in the Urals and the Afipsky refinery in southern Russia. Attacks on oil infrastructure have contributed to gasoline shortages throughout Russia.
22 days ago
PepsiCo, Inc. (NASDAQ:PEP) was among Jim Cramer's stock calls on Mad Money, as he advised investors to stick with the largest tech companies in the market. Cramer commented on the company's earnings and management commentary, as he said:
This morning, PepsiCo reported a quarter that looked fine on the surface, but failed to wow when you got to the fine print. Meanwhile, the stock, once a market darling, has turned into an ugly duckling. On the conference call, management admitted that inflation and the price of gasoline caused domestic snack sales to fall. That led to a collapse in the stock… This quarter, I think some of the largest distributors had enough and demanded price rollbacks… It wouldn't shock me if Walmart forced PepsiCo's hand and demanded rollbacks…
I think it was the rollbacks in the traditional grocers plus the sticker shock of the convenience stores that made it so no matter what Pepsi did, it couldn't grow the business. Now, they've tried things to forestall this moment. I know they want to stick by their innovation playbook. I respect that. They're tremendous cost cutters too, but maybe they just have to take the darn hit and cut the price of their products big time, take a ton of market share, and then three quarters from now, they can have a much better return. I fear, as others do, that this is the beginning of a slow rollback in pricing. I say rip the band-aid off. Go back to prices from 10 years ago before the endless increases and get realistic.
You raise prices too much, too often for a country that's now weight-obsessed, health-obsessed, and GLP-1 obsessed, and you're just not going to make as much money for a bag as you'd like to. Now, PepsiCo gets about half of its sales from overseas, and that business is terrific. They need to make international much bigger to lessen the impact of Frito-Lay's domestic pain. Here's the bottom line: I fear now that only drastic pricing can reverse a domestic dive, something, by the way, the CEO Ramon Laguarta disagreed with when we interviewed him on Squawk on the Street. In truth, I thought Ramon wasn't really disagreeing with me. I think he was subtly disagreeing with the action in the stock, and that's actually not that great an idea when you're running a publicly traded company.
ja-san-miguel-xYSp0kkIUio-unsplash
This morning, PepsiCo reported a quarter that looked fine on the surface, but failed to wow when you got to the fine print. Meanwhile, the stock, once a market darling, has turned into an ugly duckling. On the conference call, management admitted that inflation and the price of gasoline caused domestic snack sales to fall. That led to a collapse in the stock… This quarter, I think some of the largest distributors had enough and demanded price rollbacks… It wouldn't shock me if Walmart forced PepsiCo's hand and demanded rollbacks…
I think it was the rollbacks in the traditional grocers plus the sticker shock of the convenience stores that made it so no matter what Pepsi did, it couldn't grow the business. Now, they've tried things to forestall this moment. I know they want to stick by their innovation playbook. I respect that. They're tremendous cost cutters too, but maybe they just have to take the darn hit and cut the price of their products big time, take a ton of market share, and then three quarters from now, they can have a much better return. I fear, as others do, that this is the beginning of a slow rollback in pricing. I say rip the band-aid off. Go back to prices from 10 years ago before the endless increases and get realistic.
You raise prices too much, too often for a country that's now weight-obsessed, health-obsessed, and GLP-1 obsessed, and you're just not going to make as much money for a bag as you'd like to. Now, PepsiCo gets about half of its sales from overseas, and that business is terrific. They need to make international much bigger to lessen the impact of Frito-Lay's domestic pain. Here's the bottom line: I fear now that only drastic pricing can reverse a domestic dive, something, by the way, the CEO Ramon Laguarta disagreed with when we interviewed him on Squawk on the Street. In truth, I thought Ramon wasn't really disagreeing with me. I think he was subtly disagreeing with the action in the stock, and that's actually not that great an idea when you're running a publicly traded company.
ja-san-miguel-xYSp0kkIUio-unsplash
22 days ago
August WTI crude oil (CLQ26) today is up +3.46 (+4.87%), and August RBOB gasoline (RBQ26) is up +0.1036 (+3.47%).
Crude oil and gasoline prices are up sharply today amid an escalation of US-Iran hostilities over control of the Strait of Hormuz. Gains in crude oil accelerated today after President Trump said the US was reimposing a blockade on Iranian ships transiting the Strait of Hormuz.
Why Did the Commodity Complex Remind Me of the Bangles to Start the Week?
Crude Oil Prices Sharply Higher on Escalation of US-Iran Hostilities
Despite Multiple, Positive Attributes, Fervo Energy Stock Looks Very Risky for Now
Crude oil and gasoline prices are up sharply today amid an escalation of US-Iran hostilities over control of the Strait of Hormuz. Gains in crude oil accelerated today after President Trump said the US was reimposing a blockade on Iranian ships transiting the Strait of Hormuz.
Why Did the Commodity Complex Remind Me of the Bangles to Start the Week?
Crude Oil Prices Sharply Higher on Escalation of US-Iran Hostilities
Despite Multiple, Positive Attributes, Fervo Energy Stock Looks Very Risky for Now
23 days ago
Supermajors are set to report ****** per profits for the second quarter thanks to the surge in oil and gas prices, driven higher by the hostilities between the United States, Israel, and Iran. This is a problem for governments—notably the Trump administration, but politicians in Europe are angry at Big Oil's good fortune again.
Oil prices soared fourfold earlier this year after U.S. and Israeli strikes on Iran prompted the latter to shut traffic via the Strait of Hormuz—something Tehran had been threatening it would do for decades but had never before actually done. The shock of this development gave oil and gas prices an initial kick, and the resulting production squeeze added momentum, sending Brent crude to over $100 per barrel. While oil prices never got as high as they were in 2022, governments around the world were generally in a weaker financial position than they were four years ago, making the situation more challenging.
In the United States, gas prices topped $4 per gallon as a result of the war, prompting warnings of a potential recession unless the conflict is resolved quickly. President Trump himself singled out Big Oil as the culprit for the high prices at the pump, blaming the industry for price-gouging and even ordering a federal investigation.
Related: People Are Talking About Contango While Oil Markets Are Far From Recovered
"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being 'gouged'," Trump wrote on TruthSocial at the end of last month. "I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I'm seeing!"
Oil prices soared fourfold earlier this year after U.S. and Israeli strikes on Iran prompted the latter to shut traffic via the Strait of Hormuz—something Tehran had been threatening it would do for decades but had never before actually done. The shock of this development gave oil and gas prices an initial kick, and the resulting production squeeze added momentum, sending Brent crude to over $100 per barrel. While oil prices never got as high as they were in 2022, governments around the world were generally in a weaker financial position than they were four years ago, making the situation more challenging.
In the United States, gas prices topped $4 per gallon as a result of the war, prompting warnings of a potential recession unless the conflict is resolved quickly. President Trump himself singled out Big Oil as the culprit for the high prices at the pump, blaming the industry for price-gouging and even ordering a federal investigation.
Related: People Are Talking About Contango While Oil Markets Are Far From Recovered
"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being 'gouged'," Trump wrote on TruthSocial at the end of last month. "I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I'm seeing!"
