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DAILY UPDATE: Gasoline, Mixed Stocks and Economic Reports

Posted on December 2, 2022 by The D.E.A. ROGUE WARRIOR

By Staff Reporters

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The cost of gasoline is falling so fast that it is beginning to put real money back in the pockets of drivers, defying earlier projections and offering an unexpected gift for the holidays.Filling up is now as cheap as it was in February, just before Russia’s invasion of Ukraine touched off a global energy crisis. AAA reported the average nationwide price of a gallon of regular Wednesday was $3.50, and gas price tracking company GasBuddy projected it could drop below $3 by Christmas. And all of that relief probably helped drive robust shopping over Thanksgiving weekend.

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U.S. stocks ended mixed in a choppy trading session. The market struggled to continue yesterday’s surge, which came as Fed Chairman Jerome Powell provided some less hawkish commentary. The Fed Chief suggested that the Central Bank could slow the pace of its aggressive rate hiking campaign as early as this month.

The economic front provided some reports that shaped market action, as personal income and spending rose solidly and inflation cooled off but remained elevated, while jobless claims moderated more than expected. However, the ISM Manufacturing Index fell into contraction territory for the first time since May 2020, and construction spending declined more than expected. Earnings reports continued to pour in, as Kroger topped expectations, while Costco Wholesale’s November sales growth came in below predictions, and Dollar General missed earnings estimates while also providing some disappointing guidance.

Additionally, Dow member Salesforce’s billings performance missed, and the company announced that its co-CEO will step down.

Treasury yields and the U.S. dollar extended yesterday’s drops, while crude oil and gold prices rallied.

Asian stocks gained ground and European stocks ended mostly higher, as the global markets appeared to get some relief from the Fed Chair’s commentary but economic data was lackluster.

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Filed under: Investing, Alternative Investments, Financial Planning, Alerts Sign-Up, Glossary Terms, LifeStyle | Tagged: stocks, gasoline prices, gas, gasoline, economic reports, mixed stocks | Leave a comment »

GAS PRICES: Election Day?

Posted on November 8, 2022 by The D.E.A. ROGUE WARRIOR

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By Staff Reporters

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The outcome of today’s midterm elections could be influenced by something the government has little control over: the cost of filling up your car with gas. Since the 1970s, presidential approval ratings have tended to sag when gas prices rise. And that correlation has been especially pronounced this year as inflation has run rampant and gas prices have spiked.

The Washington Post found that the share of Americans who said the country was on the right track has moved remarkably in sync with gas prices.
Since gas prices peaked in June, the correlation between Democratic generic-ballot polling and the price of gas clocked in at minus-.91, nearly a perfect inverse correlation (which is minus-1).

NOTE: Recall that correlation is NOT causation!

Why are gas prices so powerful?

Gas prices are the only consumer good whose price we’re reminded of virtually every time we leave the house, experts say. Unlike salmon fish or outdoor patio furniture, ties, shirts or sneakers, the price of gas is advertised in size-500 font on huge signs that you can’t help but notice. In fact, gas prices have been so beaten into us that they can change our behavior over decades. Researchers at the University of Pennsylvania discovered that people who experienced raging gas prices in their formative driving years in the 1970s seemed less likely to drive to work 20 years later than other age cohorts.

The curious part about the link between voter sentiment and gas prices is that gas prices have very little to do with the White House. Gas prices are largely influenced by the price of crude oil, which is a globally traded commodity. That commodity has been dealt a shock this year by Russia’s invasion of Ukraine, technical snags with refineries in the US, and OPEC+’s production cuts.

Still, President Biden’s team is fully aware of the importance of gas prices, which explains his incessant attacks on oil companies’ windfall profits, his releasing of crude from the Strategic Petroleum Reserve, and his visit to Saudi Arabia, a major oil producer.

Price check?

The current national average for a gallon of unleaded gas is $3.80, per AAA. That’s roughly the same as a month ago, down significantly from the record of more than $5, but about 38 cents more than a year ago.

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Filed under: Alerts Sign-Up, Alternative Investments, LifeStyle | Tagged: election day, gas, gas prices, gasoline, gasoline prices | Leave a comment »

UPDATE: Coal, Gas, Food and Inflation

Posted on September 12, 2022 by The D.E.A. ROGUE WARRIOR

By Staff Reporters

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Coal is making a comeback as Europe races to find alternatives to Russian natural gas. The price of coal is 5 times higher than normal as countries try to secure energy supply for winter. Surging natural gas prices and a hydro-power crunch are other factors, too.

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Gasoline prices fell sharply in August, airfares dropped and used cars and hotels ebbed, while rent increases also gave hints of slowing, according to private firms that track such data.

Still, food prices continued to soar this past month and prices for a range of goods and services remained much higher than a year earlier, the figures show.

The path of inflation could influence looming decisions by the Federal Reserve about how high to lift interest rates. Inflation could also shape midterm elections as voters assess their pocketbooks.

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Filed under: Alerts Sign-Up, Alternative Investments, Investing | Tagged: coal, coal price, coal prices, food, gas, inflation | Leave a comment »

UPDATE: Crude Oil, Gasoline and Natural Gas Prices

Posted on July 18, 2022 by The D.E.A. ROGUE WARRIOR

By Staff Reporters

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West Texas Intermediate crude for August delivery rose $1.81, or 1.9%, to close at $97.59 a barrel on the New York Mercantile Exchange. The U.S. benchmark suffered a 6.9% weekly fall.
September Brent crude the global benchmark, gained $2.06, or 2.1%, to settle at $101.16 a barrel on ICE Futures Europe. Brent fell 5.5% for the week.
Back on Nymex, August gasoline rose 0.8% to end at $3.2132 a gallon, while August heating oil rose 1.4% to $3.699 a gallon. Gasoline rose 6.8% for the week, while heating oil was up 0.7%.
August natural gas rose 6.3% to $7.016 per million British thermal units, pushing it to a 16.3% weekly gain.

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Filed under: Alerts Sign-Up, Investing | Tagged: crude oil, gas, gasoline, Gasoline and Natural Gas, Gasoline and Natural Gas Prices, natural gas, UPDATE: Crude Oil | Leave a comment »

UPDATE: Inflation, Gasoline & Oil Prices, Online Crypto Trading Firms and Altria

Posted on June 23, 2022 by The D.E.A. ROGUE WARRIOR

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The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics revealed. The rate of Consumer Prices Index [CPI] inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. And, supply constraints, exacerbated by Russia’s war in Ukraine account for about half of the surge in US inflation, with demand currently making up a third of the increase, according to new research from the Federal Reserve Bank of San Francisco.

US gasoline futures are about 13% below the record high seen earlier this month and pump prices have dropped for more than seven days straight — the biggest run of losses since April — after rising to a fresh peak early last week, as recession concerns grip the market. Oil prices have tumbled toward $100 a barrel as traders fear that sharply higher interest rates would slow down economic growth and lead to demand destruction. The AAA reports that the average price of a gallon of regular gas slipped 6 cents since last week, to $4.955.

U.S. online trading firms specializing in crypto were hit hard after BinanceUS, an arm of the word’s biggest digital currency exchange, eliminated its bitcion spot trading fees. BinanceUS will now allow its users to trade bitcoin, the biggest cryptocurrency, against assets such as the U.S. dollar, tether, and other dollar-backed stablecoins for free, eliminating its prior levy of 0.1% on transaction valued at less than $50,000.00.

Altria’s big tumble—the tobacco company owns a 35% stake in Juul, and a WSJ report suggested the FDA could order Juul to yank its products off the market imminently.

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Filed under: Alerts Sign-Up, Drugs and Pharma, Investing, LifeStyle | Tagged: Altria, crypto, gas, gasoline, inflation, Juul, oil, online crypto trading firms | Leave a comment »

UPDATE: Cathie Wood, IRS Back-Log, US Single Family Rent and the Markets

Posted on June 22, 2022 by The D.E.A. ROGUE WARRIOR

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Cathie Wood warned that the Federal Reserve could cause a recession if it keeps hiking interest rates. The US central bank is ignoring three indicators that might show inflation easing, according to the Ark Invest CIO. First, aggressive hikes are unnecessary because inflation is already easing. Second, she pointed to the stagnating prices of gold and lumber, which are often seen as leading inflation indicators. “After soaring from $1,350/ounce pre-COVID to a peak of nearly $2,000 [an ounce] during 2020, the gold price has dropped back to $1,840 [an ounce] during the past two years. “The lumber price has dropped more than 50%.” Finally, Wood said fuel prices have likely peaked as Americans increasingly turn to electric vehicles. Surging oil prices have been one of the main drivers of inflation this year, with Brent crude up 48.3% to over $115 a barrel.

The IRS says it is climbing out from under the unprecedented stack of tax returns that piled up after the agency had to scale back its operations and close facilities in 2020 following the onset of the pandemic. The agency announced that by the end of this week it will have cleared all original individual tax returns that were filed in 2021 and that didn’t contain any major mistakes. “Due to issues related to the pandemic and staffing limitations, the IRS began 2022 with a larger than usual inventory of paper tax returns and correspondence filed during 2021,” the IRS said in a statement. “The IRS took a number of steps to address this, and the agency is on track to complete processing of originally filed Form 1040 (individual tax returns without errors) received in 2021 this week.”

Another record for US single-family rents, which jumped 14% year-over-year in April, marking the 13th period of record-breaking annual gains.

Markets: Stocks bounced yesterday after their worst week in two years, led by energy stocks and Big Tech companies. Cypto even rose. Today, investors will be glued to Fed Chair Jerome Powell’s testimony on Capitol Hill. They want to know whether Powell expects to hike interest rates by another 75 basis points next month.

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Filed under: Alerts Sign-Up, Investing | Tagged: brent, Cathie Wood, crypto, gas, IRS, IRS backlog, oil, rents, stock markets, US rent | Leave a comment »

UPDATE: Gas Prices, Meta Platforms, CPI the SEC and Luxury Home Sales

Posted on June 12, 2022 by The D.E.A. ROGUE WARRIOR

By Staff Reporters

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The price of gas rose to $5.01, according to AAA. Gas hit the $5 mark for the first time ever as part of a record setting run. The average price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.

Development of a smartwatch that was going to feature dual cameras was stopped by Meta Platforms (META) – Get Meta Platforms Inc. Report, the parent company of Facebook, a source told Bloomberg. But, the social media company is working on the development of other devices that will be worn on the wrist.

In May, the Consumer Price Index for All Urban Consumers rose 1.0 percent, seasonally adjusted, and rose 8.6 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.6 percent in May (SA); up 6.0 percent over the year (NSA).

The Securities and Exchange Commission is aiming to shake up the mechanics of US stock trading in the wake of last year’s meme-stock frenzy, and some experts in the markets say changes could lead to a shift back to retail investors paying commissions to make trades. Proposed changes to market-structure rules could lead to retail investors paying commissions on trades again. SEC Chairman Gensler is proposing the agency consider sending retail stock orders to auctions.

Finally, sales of luxury homes in the U.S. fell by 17.8% as compared to the year before, according to Redfin, for the three months ending April 30th. In contrast, non-luxury homes fell by 5.4% over the same period.

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UPDATE: Paul Krugman, SEC Market Efficiency, ARK-IM, Gasoline and the World Economy

Posted on June 8, 2022 by The D.E.A. ROGUE WARRIOR

By Staff Reporters

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Economist Paul Krugman just compared the cryptocurrency boom to the mid-2000s housing bubble. According to BIA, the Nobel laureate noted that, just like during the housing boom, it seems ridiculous to question an asset class that has become so valuable and attracted so many influential promoters. It sounds absurd to suggest crypto is “a house built not on sand, but on nothing at all.” Yet Krugman’s assessment is precisely that. “If you ask me, it looks as if we’ve gone from the Big Short to the Big Scam.”
The SEC is considering sending retail stock orders to auctions under a new proposal. Trading firms could be forced to compete in auctions to execute retail stock orders under the planned proposals. It comes after the regulator focused on payment-for-order flow as a barrier to market efficiency.
Cathie Wood’s Ark Investment Management is suffering a steeper drop in assets than almost any other US exchange-traded fund issuer this year. Ark’s lineup holds $15.3 billion across nine ETFs, a 48% decrease from the start of 2022, according to data compiled by Bloomberg Intelligence through June 1st. That’s the biggest collapse in assets among the 25 largest US issuers.
The average price per gallon of gasoline in the U.S. reached a new high of $4.92. In Michigan the average sits higher at $5.17 per gallon, according to AAA’s tracker.
The World Bank released a grim forecast for the global economy, concluding that “for many countries, recession will be hard to avoid.” Disruptions from the war in Ukraine, Covid lockdowns in China, and ongoing supply shortages could lead to 1970s-style “stagflation”—and hit low- and middle-income countries the hardest.

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Filed under: Alerts Sign-Up, Glossary Terms, Health Economics, Investing, LifeStyle | Tagged: Cathie Wood, Cathie Woods, gas, gasoline prices, Global Economy, Paul Krugman, SEC, Securities and Exchange Commission, World Bank | Leave a comment »

UPDATE: The Markets and Commodity Prices

Posted on April 19, 2022 by The D.E.A. ROGUE WARRIOR

By Staff Reporters

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Markets: Stocks dipped to start off the week without many market-moving developments. Twitter’s use of a “poison pill” to prevent Elon Musk from taking over the company was a hit with investors, who sent shares soaring yesterday. The company’s stock is up more than 23% since Musk revealed he owned a 9.2% stake.

Commodities: Prices up. Corn hit a nine-year high in part due to the war in Ukraine, while US natural gas prices reached their highest level in 13 years ahead of an unusual April snowstorm hitting the Northeast. Natural gas prices have more than doubled so far this year.

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Filed under: Alerts Sign-Up, Investing | Tagged: commodities, corn, DJIA, gas, NASDAQ, oil, S&P | Leave a comment »

UPDATE: All About Gasoline Prices

Posted on March 6, 2022 by The D.E.A. ROGUE WARRIOR

By Staff Reporters

Gas prices just keep climbing higher, and a gallon of regular gas in the U.S. will likely average $4 before the end of the weekend. The national average for a gallon of regular gasoline rose to $3.92 Saturday, up from $3.84 on Friday, according to AAA.

Prices had risen 11 cents Friday, up from $3.73 on Thursday. That followed an 11-cent increase between Monday and Thursday. Prices averaged $3.60 a week ago and $3.44 a month ago. And, this week’s increases suggest it is likely the national average “could creep over $4/gallon tomorrow” .

Moreover, don’t look for gas prices to hold at $4 nationally. Many places are seeing gas of $5 or more already. The average price per gallon in California has surpassed $5 at $5.18, the most expensive market in the U.S., the AAA said.

Several other states have already surpassed the average $4 per gallon, according to AAA:

Hawaii ($4.69)
Nevada ($4.41)
Oregon ($4.38)
Washington ($4.33)
Alaska ($4.30)
Illinois ($4.16)
New York ($4.14)
Pennsylvania ($4.09)
Connecticut ($4.08)

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Filed under: Alerts Sign-Up, Investing | Tagged: AAA, gas, gas prices, gasbuddy, gasoline, gasoline prices, oil | Leave a comment »

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