Gasoline at the pump costs US consumers about $1.00 a gallon less this Memorial Day weekend than at the same time last year, due to weak demand for fuel and low oil prices.
A gallon of gas nationwide average $3.57 Fridayless than $4.59 a year ago, according to AAA, which also forecasts that 42.3 million people will travel by car, plane, bus or train this weekend, up nearly 3 million from last year.
AAA forecasts this will be the third busiest Memorial Day weekend for road trips since 2000.
Because of the weak demand and the associated fears of a recession, US drivers are It is likely that there will be no significant price changes in the foreseeable futureunlike many summers.
“It’s very difficult for oil to recover when the majority of people in finance — speculators, investors — believe there’s going to be a recession,” said Tom Kloza, head of energy analysis at OPIS.
Crude Oil rose for the second straight week, with Nymex Crude in the front month (CL1:COM) for delivery in July +1.3% to $72.67/bbl and in July Brent crude (CO1:COM) closed +1.8% to $76.95/barrel.
ETF’s: (NYSEARCA:USO), (BNO), (UCO), (SCO), (DBO), (USL), (UGA), (DROPS), (SURGE), (USOI), (NRGU)
Crude oil had found support earlier in the week following the Saudi energy minister warned oil short sellers “Watch out,” which analysts saw as a risk that OPEC+ could make further production cuts.
But the Russian Deputy Prime Minister showered the achievements with his comments Doubts about further cuts.
In other news this week, Baker Hughes a Fourth straight weekly decline The number of active rigs in the US is increasing, indicating an imminent decline in domestic production.
Energy stocks as reported by the Energy Select SPDR ETF (NYSEARCA:XLE), closed the week -1.1%.
Top 10 winners in energy and natural resources over the last 5 days: (VGAS) +87.9%(STEM) +24.5%(CREG) +24%(BATL) +19.4%(REX) +16%(NRT) +14.6%(DKL) +13.3%(NRGV) +12.9%(SLDP) +12.1%(GRNT) +11.1%.
The five biggest declines in energy and natural resources over the past five days: (ROOM) -21.3%(ABOVE) -17%(SD) -16.7%(SVM) -15%(CHNR) -12.6%.