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Labor Day weekend gas prices are near all-time highs
  + stars: | 2023-08-31 | by ( Matt Egan | ) edition.cnn.com   time to read: +3 min
New York CNN —Drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year. The good news is that gas prices are still well below the peak set in June 2022. Psychologically important pricesIt’s worth noting that while gas prices are high for this point of the calendar, these figures aren’t adjusted for inflation. Still, consumers are very sensitive to increases in gas prices, in part because of how visible they are. In fact, the Conference Board blamed the recent uptick in gas prices for driving down consumer confidence in August.
Persons: , John LaForge, Andy Lipow, – can’t, Organizations: New, New York CNN, Drivers, Labor, CNN, AAA, Wells, Investment Institute, Biden, Lipow Oil Associates, US Energy Information Administration, Conference Board Locations: New York, Illinois, Washington , Arizona, California, Russia, Saudi Arabia
David Tesher: Before we were forecasting a short and shallow recession, but we no longer think there’s going to be a recession. Hard decisions are being made, and that’s going to feed back into corporate growth prospects. As economic conditions slow, credit is becoming tighter and companies are defaulting at a faster pace than they have. So yes, some corporations are distressed, but this isn’t something affecting the entire market, which is what you’d associate with a broad credit crunch. Big Tech is back with a vengeanceLast year was rough for tech companies: Tech stocks fell more than 30% in 2022, while the overall market dropped 20%.
Persons: Banks, Bell, David Tesher, we’re, We’re, There’s, reevaluation, it’s, Meta, Wedbush’s Daniel Ives, Liz Ann Sonders, Charles Schwab, , Megan Horneman, Matt Egan, John LaForge Organizations: CNN Business, Bell, CNN, P, Big Tech, Tech, Apple, Nvidia, Microsoft, Verdence Capital Advisors, Nasdaq, Dow Jones, AAA, That’s, US Energy Information Administration, Wells, Investment Institute
Fourth of July gas prices take almost unprecedented plunge
  + stars: | 2023-06-30 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. Although pump prices have retreated from last year’s record highs, gas prices were cheaper in the summer of 2021 and certainly in 2020 when Covid-19 shut down large swaths of the economy. Pump prices plunge in Ohio, CaliforniaStill, over the past 12 months, gas prices are down in all 50 states, according to AAA. Washington recently replaced California with the unwanted distinction of having America’s most expensive gas prices. Why gas prices are downThe tumble in gas prices is an undeniable positive for consumers.
Persons: John LaForge, , Patrick De Haan, De Haan, , ” Wells Fargo’s LaForge, LaForge, Wagner, Vladimir Putin’s, GasBuddy’s De Haan Organizations: New, New York CNN, AAA, That’s, US Energy Information Administration, Wells, Investment Institute, Drivers Locations: New York, Covid, Ohio , California, Indiana, Ohio, California, Illinois, Washington, Ukraine, Russia
When Will Gas Prices Go Down?
  + stars: | 2023-06-10 | by ( ) www.wsj.com   time to read: +10 min
Gas price outlook for 2023When you venture out during the summer travel season, expect gas prices to remain steady through September—mostly due to overseas economic pressures. “When per-barrel prices go up, gas prices go up. By that time, the EIA estimates gas prices will drop to roughly $3.09 per gallon—a near-50-cent price break from today’s prices. Other factors affecting gas pricesWhile supply and demand are the leading factors that dictate oil and gas prices, they aren’t the only players. The Google Maps app also has a gas pump icon under the main search bar that will highlight local gas prices.
Persons: , Stuart Katz, Robertson Stephens, , we’ve, John LaForge, Barack Obama, Biden, Katz, — you’ll Organizations: U.S . Energy Information Administration, Organization of, Petroleum, Energy, Wells, Wells Fargo Investment Institute, Strategic Petroleum Reserve, Bush, Hurricane, International Energy Agency, Treasury Department, State Tax Gas, of, PayPal, Google, Gas, Shell, Exxon, Mobil, Consumer, Lexus, Ford, University of California Locations: Ukraine, Russia, China, Wells Fargo, Persian, West Coast, California, Arizona, Pennsylvania, Mississippi, Washington, Hawaii, Illinois, Alaska, New Jersey, Connecticut, Los Angeles
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo: We're in the early stages of a commodity bull market super-cycleJohn LaForge, head of real asset strategy at Wells Fargo Investment Institute, discusses why commodities ranging from energy to metals and agriculture, are in a new bull market cycle, with plenty of more room and years of upside ahead.
Alexander Manzyuk | ReutersGold demand soared to an 11-year high in 2022 on the back of "colossal central bank purchases, aided by vigorous retail investor buying," according to the World Gold Council. Annual gold demand jumped 18% to 4,741 tons (excluding over-the-counter or OTC trading) across the year, the largest annual figure since 2011, fueled by record fourth-quarter demand of 1,337 tons. "Central bank net purchases in Q4 totalled 417t, lifting H2 total buying to 862t. The majority of the central bank buying in 2022 came from emerging markets, with the Central Bank of Turkey the largest buyer at a record 542 tons. This means that the purchasing power of non-U.S. buyers is reduced and harms global gold demand.
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