Gas Prices Set For Summer Spike: West Coast Consumers Already Paying More Than $4 A Gallon
Portfolio Pulse from Neil Dennis
Gas prices are rising, with the national average at $3.49 and some West Coast states over $4. The surge is attributed to drone attacks on Russian refineries by Ukraine, affecting up to 15% of Russia's refining capacity. This has led to higher wholesale gasoline prices, with the United States Gasoline Fund (UGA) reaching its highest level since September. Crude oil prices are also near four-month highs, impacting U.S. inflation and delaying expected Federal Reserve rate cuts. Exxon Mobil Corp (XOM) and Chevron Corp (CVX) stocks have risen due to the strength in oil prices, as has the Energy Select Sector SPDR Fund (XLE), which tracks U.S. oil companies.
March 19, 2024 | 2:48 pm
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POSITIVE IMPACT
CVX stock is up 2.2% on the month, driven by the strength in oil prices.
Like XOM, CVX is experiencing a positive impact on its stock price due to the rising oil prices.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
UGA reached its highest level since September due to rising wholesale gasoline prices.
The direct impact on UGA is due to its tracking of wholesale gas futures, which have risen significantly.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
USO remains at October highs with crude prices close to four-month highs.
USO's performance is closely tied to crude oil prices, which have been supported by global supply concerns.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
XLE, tracking U.S. oil companies, is up 5.8% in March, reflecting the sector's strength.
XLE's increase is a direct result of the overall strength in the oil sector, including the performance of XOM and CVX.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
XOM stock is up 7.5% in March, benefiting from the renewed strength in oil prices.
XOM's stock performance is directly benefiting from the increase in oil prices, reflecting its core business operations.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 95