Expect to pay still more at the pump. Unleaded gas futures just broke the high set in 2008.
Unleaded gas (left) vs oil (right) chart courtesy of Barchart.Com
Energy Notes
- Unleaded Gas futures just hit $3.78 breaking the 2008 peak of $3.63 in July of 2008.
- West Texas Oil WTIC futures hit $125.59, now at $122.69, up over $7.00.
- Brent Oil, North Sea crude spiked all the way to $130.89, up over 10%, now at $126.30, still up over $8.00
Prices are as of about 6:15 US Central.
Gold Up, Stocks Down Again
- The price of gold for April delivery is up $28 holding a bit more firm than oil, at least for the moment. It's $1994 per ounce.
- Stock futures are down between 1.0% and 1.5% as of about 6.30 Central.
European Energy
This energy chart highlights why Europe is falling further and further behind the US as a business location. Gas prices are 5 times higher in Europe and the European gas price chart looks like from a crude cryptocurrency. pic.twitter.com/4IyIe0MOSJ
— Holger Zschaepitz (@Schuldensuehner) March 6, 2022
Europe will be in recession before the US and is possibly there already.
Got?
Got ______? (I’ll let you fill in the blank this time.)
— Danielle DiMartino Booth (@DiMartinoBooth) March 6, 2022
Gasoline Soars Above $4 a Gallon for Most U.S. Drivers https://t.co/hZmuAZrBe1 pic.twitter.com/kzHssFeycd
A Word About Fiat Currencies
Let me phrase that a different way.
— Mike "Mish" Shedlock (@MishGEA) March 6, 2022
Fiat currencies don't float, they sink at various rates. https://t.co/Lumdx8CPQB
Word of the Day is Boom
Meanwhile pic.twitter.com/2jFLp6vexX
— Hedgeye (@Hedgeye) March 6, 2022
Hedgeye provides the word of the day for today.
US Recession Coming Up
@KeithMcCullough and @Hedgeye called it... pic.twitter.com/ot2ShBc55m
— 🍊 - Señor Doble Queso - 🍔🍟🥤 (@2Dbl_Cheese) March 6, 2022
Gold and the Dollar
lotta people trying to figure out gold and dollar both making highs...
— Santiago Capital (@SantiagoAuFund) March 7, 2022
That one should be easy. Gold is not strongly correlated to the US dollar.
The word of the day coming up is "recession".
A recession fueled by collapsing demand, a liquidity crunch, and fading stimulus effects is coming up. Inflation sure doesn't help.
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