FYI: Summer driving season is still a long ways off, but we are seeing some really interesting trends unfold in terms of gas prices. According to AAA, the national average price of a gallon of gas currently stands at $2.27, which is down about 3% from where prices were at the end of 2016. As shown in the table to the right, this year’s decline is much weaker than the average YTD change of +1.3% at this time of year, and going back to 2005, there have only been two other years (2007 and 2016) where the national average price saw a larger YTD decline at this time of year.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/interesting-trends-in-gas-prices/Crude Oil Inventories Surge:
Crude oil inventories saw a much larger than expected increase in the latest week, surging by 13.83 million barrels compared to the consensus forecast of a 2.5 million barrel build in stockpiles. This week’s increase represents the second largest weekly build in stockpiles going all the way back to 1983. The only week in the last 34 years that saw a larger weekly increase in inventories was last October when stockpiles increased by 14.42 million barrels. The key difference between last October and this week’s build in stockpiles is that back in October, the weekly build followed several drawdowns in the prior week, including the second-largest single week decline on record whereas this week’s build followed four prior weeks where inventories also increased.
https://www.bespokepremium.com/think-big-blog/crude-oil-inventories-surge-2/
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