Oil Prices Rally And Hit 7-Year-High, But Lose Steam On Increased US Inventory
At least for the short-term, the recent surge in commodity prices could start to reverse, analysts said.
At least for the short-term, the recent surge in commodity prices could start to reverse, analysts said.
Even the blending components for the fuel are more expensive these days.
U.S. oil and gas markets remain tight, even as production recovers from the disruption caused by Hurricane Ida and other storms.
More often than not, retail gasoline prices start to move lower in the fall—but this is not a typical year.
Analysts are concerned the U.S. faces severe supply-side constraints.
Hurricane Ida left a long-lasting impact on the US energy sector, keeping gasoline prices high.
Ida is rivaling 2005’s Hurricane Katrina in terms of the impact on the U.S. energy sector, with prices rigid at 7-year highs.
Gas prices are at their highest since 2014, as Hurricane Ida leaves lasting impact on major U.S. refinery centers.
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