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Unleaded Gas Futures Hit Record High, Oil Surges 10%, Gold Up Another 25 Dollars

Expect to pay still more at the pump. Unleaded gas futures just broke the high set in 2008.
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Unleaded gas (left) vs oil (right) chart courtesy of Barchart.Com

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

Europe will be in recession before the US and is possibly there already.

Got?

A Word About Fiat Currencies

Word of the Day is Boom

Hedgeye provides the word of the day for today.

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US Recession Coming Up

Gold and the Dollar

That one should be easy. Gold is not strongly correlated to the US dollar. 

For discussion, please see Gold Powers Towards Record High, NEM Closed Last Gap, What's Ahead?

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.

For discussion, please see A Recession Looms, Blame the Fed and Biden, Not Russia

This post originated at MishTalk.Com

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