US gas prices will jump back to $4.35 soon because supplies are running low, Goldman Sachs says
Goldman Sachs has predicted the cost of US gas at the pump will jump back to around $4.35 a gallon...
Goldman Sachs has predicted the cost of US gas at the pump will jump back to around $4.35 a gallon by the end of the year, and then reach an average of $4.40 next year, as supply shortages push up prices.
Gas prices have fallen dramatically over the past month or so after topping $5 a gallon in June, as oil prices have fallen and bottlenecks at refineries have eased. The AAA said the average price was $4.059 a gallon on Monday.
But Goldman said in a note Sunday it expects oil prices to pick up from here, after sharp falls in recent weeks. That's because supplies are still running low, while global demand has remained relatively strong.
Oil futures ended higher Monday, extending a bounce after major benchmarks last week traded at their...
Oil futures ended higher Monday, extending a bounce after major benchmarks last week traded at their lowest levels since February on worries about the demand outlook.
West Texas Intermediate crude for September delivery CL00,rose $1.75, or 2%, to close at $90.76 a barrel on the New York Mercantile Exchange, after falling 9.7% last week.
October Brent crudeBRN00, -0.31%BRNV22, -0.30%, the global benchmark, gained $1.73, or 1.8%, to settle at $96.65 a barrel on ICE Futures Europe, after an 8.7% decline last week.
Back on Nymex, September gasolineRBU22, +1.09% gained 1.1% to end at $2.8862 a gallon, while September heating oil NGU22, -5.51% shed 1.1% to close at $3.1791 a gallon.
September natural gasNGU22, -5.51% dropped 5.9% to end at $7.589 per million British thermal units.
MarketWatch: The Dow manages to close with a gain, but other indexes sputter Monday
U.S. stocks closed mostly lower Monday, but only slightly changed from Friday's finish as investors...
U.S. stocks closed mostly lower Monday, but only slightly changed from Friday's finish as investors awaited a highly anticipated update on U.S. inflation. The Dow Jones Industrial Average DJIA, 0.09% added about 28 points, or 0.1%, closing near 32,831, after briefly topping the 33,000 mark earlier Monday. The S&P 500 index SPX, -0.12% shed 0.1%, while the Nasdaq Composite Index COMP, -0.10% also fell 0.1%. In addition to August hitting the "dog days" of summer when many on Wall Street and beyond take time off for vacations, investors appeared hesitant to make big moves in equities ahead of the consumer-price index update for July, due Wednesday, after its last monthly update pegged the cost of living at a 9.1% annual rate, a 41-year high. Wednesday's CPI reading comes on the heels of Friday's blockbuster jobs report for July, which underscored strong wage gains for workers in the past year, which may complicate the Federal Reserve's efforts to cool inflation, particularly if household demand for goods and services stays robust and keeps pressure on prices, despite higher interest rates.
The oil and gas industry is in line to benefit from a raft of new incentives after the...
The oil and gas industry is in line to benefit from a raft of new incentives after the United States Senate approved the Inflation Reduction Act of 2022 on a party-line vote of 51 to 50 following a weekend of drawn-out negotiation. Measures in the bill could require the Federal government to conduct oil and gas lease sales, increase the levels of tax credits available for carbon capture and promote renewable energy sources such as hydrogen.
Dow industrials move back above 33,000 mark as Monday gains mount
Stocks remained solidly higher early Monday, rising after the S&P 500 logged a third straight weekly...
Stocks remained solidly higher early Monday, rising after the S&P 500 logged a third straight weekly gain as earnings season hits the home stretch and investors look ahead to a July consumer-price index reading later this week. The Dow Jones Industrial Average rose 254 points, or 0.8%, to 33,057 --- a finish above 32,877.66 would see the blue-chip gauge exit its market correction, according to Dow Jones Market Data. The S&P 500 SPX, 0.89% was up 0.8% at 4,180, while the Nasdaq Composite COMP, 1.31% gained 1.3% o trade at 12,803.
