Oil prices

Gas prices have fallen for 21 straight days and oil prices have dropped. Here's what to know. · Top of the morning, readers. Phil Rosen here, reporting from the ...

8. The housing market is facing an "untenable frenzy." 6. Markets have plunged in 2022 but Mohamed El-Erian said there are three positive outcomes of the brutal downturn. 5. A recession could crater the S&P 500 by more than 20% and send it to 3,000. 10. US oil prices slipped below a key level this week after soaring all year. He shared three ETFs that investors should buy into right now so they don't miss out on another opportunity, and explained which three geopolitical factors to bet on. That's according to a real estate appraisal consultant. Changes in supply and demand are also pulling oil prices down. 7. BlackRock warned commodity prices will remain "structurally higher" for decades. 1. Gas prices have fallen for 21 days straight, even amid ongoing war in Ukraine and peak summer driving season. 4. This batch of stocks share key factors that will help them outperform during a recession or economic slump. Here's what you want to know. Bank of America's Jim Carey Hall broke down which companies should fare best, based on their market history.

“Gas prices are being dragged lower by falling crude oil prices, which suffered steep losses Tuesday, on worries of a global economic slowdown,” AAA spokesman ...

However, this is still an extremely volatile fuel market, and we’ve seen oil prices rebound so many times in the past several months.” - Shop around for the best gas prices in your community. “If these futures price drops hold, drivers could see Florida gas prices drift back below $4.10 per gallon.

The price of West Texas Intermediate crude tumbled as much as 10% Tuesday, to hit a low of $97.43 before closing at $99.50, down 8% on the day. Experts say the ...

According to AAA, the average cost of a gallon of gas at the pump in New York is now $4.88, whereas it was $4.94 last week. News 12 is on pump patrol, finding you the cheapest gas in the region. Gas prices are also down a bit.

“Gas prices are being dragged lower by falling crude oil prices, which suffered steep losses Tuesday, on worries of a global economic slowdown,” said Mark ...

That’s $1.54 per gallon more than last year’s holiday, and 49 cents per gallon more than the previous record-high of $4.06 per gallon - set back on July 4, 2008. Over the holiday weekend, drivers found the most expensive Independence Day gas prices on record. The average price for gasoline in Florida was $4.54 per gallon on Tuesday. The state average has declined nearly 10 cents since last week and has dropped a total of 35 cents through the past three weeks.

The average price in Florida dropped 10 cents last week and has fallen 35 cents over the last three weeks.

"If these futures price drops hold, drivers could see Florida gas prices drift back below $4.10 per gallon. That's a drop of 10 cents in the last week and 35 cents over the last three weeks. According to a Wednesday news release from AAA, the average price of a gallon of gas in the state fell to $4.54 a gallon.

Motorists are getting a break at the gas pumps, but with gasoline still pushing $5 a gallon, there's lots of room for improvement.

Brent and US West Texas Intermediate (WTI) crude both posted their biggest daily decline yesterday since March as recessionary woes outweighed supply worries ...

“It is increasingly hoped that lower oil prices, which would benefit both businesses as well as consumers, could lead to an adjustment of investment and spending patterns which would underpin a faltering economy,” said Richard Hunter, Head of Markets at interactive investor. “With all these concerns at the forefront of investors’ minds, crude oil prices are likely to be on a slippery slope for a while,” he added. “Crude oil prices have slumped as weakening demand concerns are starting to outweigh fears about tight supply,” said Fawad Razaqzada, a market analyst at City Index.

“Gas prices are being dragged lower by falling crude oil prices, which suffered steep losses Tuesday, on worries of a global economic slowdown,” AAA's Mark ...

In the last three weeks, AAA reported a 35-cent decline in the average price for a gallon of regular unleaded gasoline in Florida. PREVIOUS: Here’s how much Florida gas prices have fallen in the past 2 weeks ORLANDO, Fla. — A dime — that’s how much AAA said gas prices fell in Florida over the past week.

KUALA LUMPUR—Oil prices rose as much as nearly 3 percent on Wednesday before paring some gains as investors ...

Average price for gasoline in Florida was $4.52 per gallon on Wednesday.

- All-Time Record High - $4.89 per gallon (6/13/22) - 2021 High - $3.36 per gallon (Nov. 2021) - 2022 High - $4.89 per gallon (6/13/22) Over the holiday weekend, drivers found the most expensive Independence Day gas prices on record. Tuesday's closing price of $99.50 per barrel is nearly $9 less than the week before, and the lowest daily settlement since April 25, 2022. That's $1.54 per gallon more than last year's holiday.

With crude prices under pressure from growing fears of a global recession while supply side threats hang over the market, the near term price forecasts for ...

06/06/2022 06/06/2022 The bank only gave the recession scenario a 10% chance of occurring, however. In May, the producer group fell short of its production targets by about 2.7 million b/d, according to its own assessments. For 2023, the Brent forecast gap widens further. The rout was the third-largest absolute price drop since Brent futures trading started in 1988.

A gas station in Washington pictured Sunday. ASSOCIATED PRESS. Key Facts. Gas prices will likely trickle further down after oil prices fell about 8% on Tuesday ...

And do it now.” Many criticized Biden for mischaracterizing the situation—gas stations largely set prices based on market conditions—including billionaire Amazon founder Jeff Bezos. Bezos responded to Biden’s tweet, writing, “Ouch. Inflation is far too important a problem for the White House to keep making statements like this. Many characterized the move as an unrealistic way to bring down prices, and Biden’s suggestion has failed to rally support in Congress. Biden’s handling of the economy has been widely unpopular among Americans. A poll from Harvard University’s Center for American Political Studies and Harris Insight and Analytics last week found just 32% of registered voters approve of Biden’s handling of the economy and 28% of his handling of inflation, both lows since he took office. Biden called last month for a federal gas tax holiday, which would temporarily suspend the 18-cent per gallon federal gas tax. In a viral Saturday tweet, Biden attacked companies running gas stations, writing: “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. Much of the increase in gas prices can be traced to Russia’s invasion of Ukraine threatening the global energy supply, though Biden has faced sharp criticism for his perceived inaction on gas prices, which have been a major driver of the U.S.’ highest inflation since 1981. Gas prices will likely trickle further down after oil prices fell about 8% on Tuesday on the back of increased recession fears, with benchmark West Texas Intermediate crude trading at under $100 per barrel for the first time since early May (WTI fell further Wednesday, dropping .9% to $98.46 per barrel).

Brent crude futures rose by $1.43, or 1.39%, to $104.20 a barrel at 1120 GMT. U.S. West Texas Intermediate (WTI) crude climbed 65 cents, or 0.65%, to $100.15 a ...

read more Brent's six-month market structure was in steep backwardation of $14.82 a barrel, little changed from the previous day. read more read more

Oil futures move lower on Wednesday, with ongoing worries about a recession that would hurt energy demand prompting prices to extend a rout that drove the.

“We believe this move has overshot — while risks of a future recession are growing, key to our bullish view is that the current oil deficit remains unresolved, with demand destruction through high prices the only solver left as still declining inventories approach critically low levels.” On average, analysts polled by S&P Global Commodity Insights expect the EIA to report a fall of 1.2 million in U.S. crude supplies for the week ended July 1, along with an inventory decline of 500,000 barrels for gasoline and increase of 1 million barrels for distillates. European natural-gas prices fell sharply on Wednesday, after a strike by Norwegian oil and gas workers that threatened to further pressure a market already under significant strain from Russia’s war in Ukraine was called off. From an oil viewpoint, “we don’t expect much change from this,” as he was due to leave his position at the end of the month, said Phil Flynn, senior market analyst at The Price Futures Group. The early May closing low of $99.43 should be viewed as a “near-term line in the sand as if it is broken, downside momentum could continue to build,” they wrote, adding that Tuesday’s trend bread hadn’t yet shifted the outlook to bearish “but it did shift our outlook from bullish to neutral on a short- to medium-term time frame, with rangebound trading in the upper $90s to $115/ barrel area becoming increasingly likely.” In a note Wednesday, analysts at Sevens Report Research, said “WTI materially violated the uptrend line dating back to the beginning of the year when Russia first invaded Ukraine, which prompted the surge beyond $100/barrel mark.” “The declines in prices and refining margins since mid-June are now equivalent to the oil market pricing in an 1.1% downward revision to 2H22-2023 global GDP (gross domestic product) growth expectations,” they said, in a note. “As fears of recession continue to trade blows with tight supply conditions, the former is clearly coming out victorious over the past 24 hours,” said Robbie Fraser, global research & analytics manager at Schneider Electric, in a market update. Oil futures moved lower on Wednesday, with ongoing worries about a recession that would hurt energy demand prompting prices to extend a rout that drove the U.S. crude benchmark below the $100-a-barrel threshold to its lowest since April. -2.84%BRNU22,, the global benchmark, lost $2.88, or 2.8%, to trade at $99.89 a barrel on ICE Futures Europe — trading below the $100 mark for the first time since April. -2.84% The move was attributed to growing fears that aggressive monetary tightening by the Federal Reserve and other major central banks in response to persistently high inflation could send the U.S. and global economy into recession. -3.15%CL00, -3.15%CLQ22,fell $3.05, or 3.1%, to $96.45 a barrel on the New York Mercantile Exchange after briefly trading as high as $102.14. -3.15%

The outlook for oil demand likely will see further downward revisions amid higher fuel prices, said Ed Morse, global head of commodity research at Citigroup ...

The outlook for oil demand likely will see further downward revisions amid higher fuel prices, said Ed Morse, global head of commodity research at Citigroup Inc.

After witnessing almost decades of high prices in March 2022, oil prices witnessed a 10% plunge on Tuesday, with the West Texas Intermediate (WTI) trading ...

According to a Citigroup report, should a recession befall, Brent prices could hit a low of $65 per barrel by the end of 2022 and could also hit $45 per barrel by the end of 2023. Notably, analysts are bullish on the long-term trajectory of both ExxonMobil and Diamondback, making them lucrative investment options. Similarly, JP Morgan has also projected that oil prices could skyrocket to $380 per barrel should Russia start cutting crude oil production in response to the extreme sanctions on the invading country. Meanwhile, the stock has lost 36.3% so far this year. Oil company stocks also dipped yesterday with the falling oil prices. Moreover, changes in industry margins could add another $4.6 billion to its profits. After witnessing almost decades of high prices in March 2022, oil prices witnessed a 10% plunge on Tuesday, with the West Texas Intermediate (WTI) trading near $97.43 per barrel. It is typical for oil prices to recede in times of a steep economic downturn. Similarly, Credit Suisse analyst Manav Gupta reiterated a Buy rating on the stock with a price target of $125, implying 47.4% upside potential to current levels. Following the disclosures, Wells Fargo analyst Roger Read reiterated a Buy rating on the stock with a price target of $109, which implies 28.5% upside potential to current levels. However, the report also suggests that they do not expect the U.S. to enter a recession anytime soon. The firm sees the current dip in oil prices as a buying opportunity.

Global oil prices pushed slightly higher early Wednesday, a day after recession fears sent the market tumbling to its lowest point in nearly two months.

One of those events was the latest U.S. Consumer Price Index, which showed that consumer prices remain at a 40-year high despite attempts by the Federal Reserve to tame inflation through interest-rate hikes. Most analysts expect oil prices to remain capped for the foreseeable future because of so many economic and market headwinds. Brent crude declined more than 10% to a low of $101.10 a barrel before closing at $102.77. Brent crude futures rose by 1.39% to $104.20 a barrel around midday U.K. time, Reuters reported. As recently as June 8, Brent crude was priced at $123.58 a barrel, while WTI was at $122.11. Since then, a series of events have heightened the likelihood of a recession and sent oil prices tumbling. That strike ended on Tuesday.

The average price for gasoline in Florida was $4.54 per gallon, as of Tuesday. According to the Auto Club Group, the state average declined nearly 10 cents from ...

By Wednesday, the state’s average gas price was even lower — $4.52 per gallon. According to AAA, over the holiday weekend, drivers found the most expensive Independence Day gas prices on record. However, this is still an extremely volatile fuel market, and we’ve seen oil prices rebound so many times in the past several months.”

For the third week in a row, Florida gas prices have gone down. This time, AAA reports prices dropped another $0.11 per gallon.

Brent crude futures rose by $1.43, or 1.39%, to $104.20 a barrel at 1120 GMT. U.S. West Texas Intermediate (WTI) crude climbed 65 cents, or 0.65%, to $100.15 a ...

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HOUSTON — The global benchmark for oil dropped below $100 a barrel on Wednesday for the first time since late April as fears of a looming recession spread ...

Motorists are paying $1.65 a gallon more on average than a year ago. If Europe runs short of natural gas next winter, utilities will be forced to burn more oil, which could crimp supplies and raise crude prices. There is a sharp divergence of opinion among experts about where the oil price will go in the weeks and months ahead.

Oil prices continued to fall in choppy trading on Wednesday—extending recent losses as growing recession fears wreak havoc on markets, but despite concerns ...

Despite recent declines, oil prices have still jumped over 10% this year—peaking at nearly $140 per barrel in early March after Russia’s invasion of Ukraine. Prices have been falling since early June, however, with markets hard-hit by rising recession fears in recent weeks. Analysts at Goldman Sachs, meanwhile, say that recent declines have been “overshot” since global supply remains tight. Many Wall Street firms still expect prices to rebound by later this year, with the likes of Barclays, Goldman Sachs, UBS and RBC all predicting oil will trade at between $110 and $130 per barrel by the end of 2022.

Oil prices fell Wednesday to a 12-week low, with futures for Brent crude trading below $100 a barrel for the first time since April as fears of a global ...

Gas prices have also soared to record highs, with the average cost per gallon reaching a new national average of $5.016 in June, according to AAA. Analysts at Citigroup said Tuesday that oil prices could fall to $65 per barrel by the end of this year and to $45 by the end of 2023 if the global economy tumbles into a recession. Oil prices fell Wednesday to a 12-week low, with futures for Brent crude trading below $100 a barrel for the first time since April as fears of a global recession weigh on prices.

The national average had hit an all-time high of $5.016 per gallon on June 14. The relief in gas prices has occurred as oil prices plunge on mounting fears ...

Oil prices are a key input for gas prices that are later passed on to consumers. Even with recent declines, gas prices are still hovering at historically high levels as the Russia-Ukraine war and supply chain shocks ripple through the global energy market. About 80% of stations are now selling regular for under $5 a gallon,” AAA spokesperson Andrew Gross said. The positive trends for motorists may not last long. The relief in gas prices has occurred as oil prices plunge on mounting fears among traders that the US economy is on the brink of a recession. The streak marked the longest consecutive string of price declines since April 2020, when the onset of the COVID-19 pandemic strangled demand at the pump.

Cost-conscious consumers are getting some relief at the gas pump. After hitting record highs, gas prices have fallen by nearly 25 cents a gallon.

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Gasoline futures fell more than 10 percent Tuesday and are down more than 22 percent since June, raising hopes that the high price of gas across the country ...

“But I think we’re in a super-cycle here for a long period of time,” he added. “I think we’re in for a decade of higher prices. An economic model from Bloomberg now puts the odds of a recession at 38 percent in 2023, according to tweet from the company Wednesday. Stacked-up inventories have also been reported for the semiconductor industry in South Korea. Computer chips produced by Samsung are used in a vast array of industries. We invite you to join the discussion on Facebook and Twitter. “It just highlights the volatility and just even the difference in thinking,” De Haan said. “It’s because of all the interest rate increases,” Kah said. In the consumer goods sector, numerous big box outlets like Walmart, Target and Bed Bath & Beyond have been dealing with excess inventories that could force continued markdowns and liquidations. And that’s because people are feeling the pain of higher prices.” The national average for a gallon of gasoline now stands at $4.78, according to AAA, down from a recent peak above $5 per gallon. The price of U.S. crude oil was hovering around $98 per barrel on Wednesday afternoon, down from about $108 late last week. “Stations are getting lower prices already,” he added.

Citi may not see a recession on the horizon, but the fear of a recession has cooled oil prices this week, with WTI now trading well under $100 per barrel at ...

The price is too high,” Morse said on Wednesday. “There’s no evidence that we’re going to see this summer surge in driving and summer surge in demand. Yesterday, a Citigroup report suggested that oil prices could tumble to $65 per barrel by the end of this year and to $45 per barrel by the end of next year, based on a global recession and lack of market intervention by OPEC+. Citi noted, however, that this case was not its base case, and that it did not foresee a global recession.

Oil prices have plummeted to below a psychologically important level of $100 as analysts grow increasingly worried about weakening demand.

One such bull is J.P. Morgan Chase, who last week warned global oil prices could climb to a "stratospheric" $380/bbl if G7 nations succeed in imposing caps on the price of Russian oil and prompt Vladimir Putin to inflict retaliatory production cuts. Citi analysts have warned that crude prices could collapse to $65/bbl this year in the event of a recession. Meanwhile, Harold Hamm, majority owner of shale exploration giant Continental Resources (NYSE:CLR), has gone on an all-out war to buy back the company's minority stake. Smart investors appear to agree: three energy gurus led by Warren Buffett himself have chosen to follow the Oracle's time-tested market wisdom of being fearful when others are greedy, and greedy when others are fearful. The Hamm Family collectively owns 83% of the total outstanding shares of common stock. However, such a drastic reduction would be bad news for oil consumers as it would push Brent crude prices to $380/bbl. In effect, Buffett now owns 25% of OXY, counting his warrants and total shares purchased. OPEC+ producers have limited room to increase output significantly, and so are unable to provide much relief to the market," says ING head of commodity strategy Warren Patterson. Oil prices nosedived alongside the broader market on Tuesday, with U.S. crude dipping to the psychologically important level of $100/bbl as growing recession fears coupled with concerns over weakening demand outweigh a fundamentally tight supply market. Between June 17 and June 22, Buffett bought 9 million shares of Occidental Petroleum (NYSE:OXY) for around $56 per share, which compares favorably with his previous purchase of OXY in the $50-58 range. At one point, WTI crumbled more than 10% to trade as low as $97.43. Meanwhile, front-month Brent crude fell by even more, losing 9.4% to $102.77/bbl, its lowest settlement since May 10. "The most obvious and likely risk with a price cap is that Russia might choose not to participate and instead retaliate by reducing exports," "It is likely that the government could retaliate by cutting output as a way to inflict pain on the West. The tightness of the global oil market is on Russia's side,"JPM analysts wrote.

Oil prices slipped in early Asian trade on Thursday, after hitting a nearly three-month low during the previous session, as fears of a potential global ...

Industry data on Wednesday showed that U.S. crude inventories rose by about 3.8 million barrels last week, according to market sources. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com

Cost-conscious consumers are getting some relief at the gas pump. After hitting record highs, gas prices have fallen by nearly 25 cents a gallon.

In many cases, these price cuts reflect fear that the global economy is headed for a recession, and certainly nobody wants to see that. You know, it's - during the pandemic, my husband and I would just get in the car and just go for a drive just to get out of the house. You need crude oil, of course, to make gasoline, and oil companies have been slowly ramping up production here in the U.S. They're pumping more oil now than at any time since the early months of the pandemic - about a million barrels a day more oil than they were a year ago. Martha Walker is a teacher in Charleston, W.Va. She and a friend had been looking forward to a lengthy driving vacation down South this summer, but they redrew those plans because of the high price of gasoline. We don't do that as much anymore just because, you know, that seems like a luxury expense now. Now, analysts do say if crude oil prices stay where they are right now, retail gasoline prices could drop by another $0.30 to $0.50 a gallon. The U.S. benchmark for crude oil has dropped below $100 a barrel. HORSLEY: What's more, instead of driving to the beach this summer, Walker is planning to just visit some nearby state parks. And John Kilduff, who's an energy analyst at Again Capital, says he expects that domestic oil production to keep increasing through the end of this year. That's a recipe for falling oil prices. The average price of gasoline has fallen by nearly $0.25 a gallon after hitting a record-high last month. That's down from a peak just over $5 in the middle of last month.

West Texas Intermediate, or WTI crude futures slipped below $100 a barrel mark for the first time since May 11 on Tuesday. Is the era of high oil prices ...

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July 6, 2022, 5 p.m. · 1 min read. Shell Gas Station A Shell gas station at Fairfield and N 27th streets in Lincoln displays gas prices at $4.69 per gallon ...

But, Ortner said drivers could have a short break in the future. So that should hopefully show some offset in gas prices coming up,” he said. In Nebraska, the current average fuel price is $4.65, down from a June peak of $4.79. Still, Nebraska drivers like Bri Hickman are feeling the strain of high prices.