Oil Breaks Under $92/Barrel (USO)
NYMEX Crude keeps listing lower and lower. This seems odd considering that the Memorial Day weekend ahead is supposed to mark the official start of the summer driving season. The drop in normal NYMEX trading today was down $0.91 to…
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The United States Oil (AMEX: USO) ETN is currently down 1.7% at $34.53 and that nearly matches the low seen last Friday. It has a 52-week range of $29.10 to $42.30.
AAA has a daily fuel report showing that the national average is $3.68 for a gallon of regular unleaded and $3.845 for a mid-grade gallon of unleaded. GasBuddy lists the average price today for regular unleaded as $3.888 per gallon.
Gasbuddy even shows the lowest state average of $3.305 per gallon being in South Carolina, with California being the highest of the states (not counting Alaska and Hawaii) at $4.308 per gallon.
The long and short is that this may be tied at least some to currency appreciation of the U.S. Dollar, but the growing fears of a the cloud of recession is causing perhaps the greatest fear out there for oil and gasoline prices.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
