Crude Oil Jul 24 (CL=F)
| Pre. Settlement | N/A |
| Settlement date | 2024-06-20 |
| Open | 77.04 |
| Bid | 77.77 |
| Last price | 76.87 |
| Day's range | 76.15 - 78.05 |
| Volume | |
| Ask | 77.83 |
- Yahoo Finance Video
US gas prices may drop to $3 or less by November: Analyst
Oil prices are set for a weekly loss amid lingering concerns surrounding future fuel demand. OPIS Global Head of Energy Analysis Tom Kloza joins Catalysts to discuss the next OPEC+ gathering and macro trends in the energy industry. Kloza notes that the consensus view of the June OPEC+ meeting is that the organization will roll over production cuts through another quarter or the end of the year. He adds that OPEC+ must take this action because the oil market has become "sloppy," with too much oil supply impacting gasoline demand. Gas prices have dropped by as much as a dollar per gallon in the last 40 days, but retailers haven't necessarily passed those savings along, Kloza adds. Oil and gas prices may also surge by August, given greater hurricane threats in the Gulf of Mexico. However, in the last quarter of the year, Kloza projects that gas prices may drop to $3 or less per gallon in most parts of the US. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This article was written by Gabriel Roy
Yahoo FinanceGas prices dip heading into Memorial Day weekend
Two analysts told Yahoo Finance they expect gas prices to continue to decline over the weekend.
- Yahoo Finance Video
What the commodity rally means for inflation
The commodity sector has been rallying, reaching all-time highs, but what does this mean for the Federal Reserve's fight against inflation? HSBC Chief Multi-Asset Strategist Max Kettner joins Catalysts to discuss his outlook. Kettner says the commodity rally has not "reignited a lot of those inflationary concerns." He notes that rallies such as the one occurring in Gold (GC=F) are coming from central bank buying. He also points out that commodities benefitted from less diversification happening in areas such as bonds coming off the Fed's rate hike cycle, pushing assets like Gold higher as well. On the natural gas front, Kettner says he is not concerned, though he cautions if oil (CL=F, BZ=F) and natural gas (NG=F) prices were to rise simultaneously, it could pose a problem for markets. However, he says current energy prices in the US are still "relatively tame," adding that this indicates "we're nowhere near hitting that 2% inflation target anytime soon." For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Angel Smith
