Dow finished off 93 with a little selling into the close, decliners over advancers 2-1 & NAZ dropped 110. The MLP index fell 3+ to the 205s & the REIT index was off 2+ to the 342s. Junk bond funds remained weak & Treasuries were closed for the holiday. Oil pulled back 1+ to 91 & gold tumbled 32 to 1676 (more on both below).
AMJ (Alerian MLP Index tracking fund)
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Fed’s Evans says fighting inflation is the top priority even if that means job losses
The national average pump price for a gallon of gasoline rose 12¢ over the past week to hit $3.91 today according to AAA, fueled by high demand & tight supplies. The recent announcement from OPEC+ stated the group of oil-producing nations would slash output by 2M barrels per day led to the price of oil creeping above $90 a barrel for the first time in several weeks, contributing to rising costs at the pump. However, AAA points to other factors that are also at play. Some regions in the US have also been hit harder than others due to refinery disruptions, after supplies were severely limited on the West Coast due to recent maintenance on a ½ dozen refineries. The upper Midwest also saw pump prices spike after a deadly fire at refinery in Toledo, Ohio. "Gas prices in California are finally cooling off, as more refineries come back online after undergoing maintenance and the switch to cheaper winter blends takes effect," AAA spokesperson Andrew Gross said. "High West Coast prices have played a major role in the recent climb in the national average for gas," Gross continued. "Reversing this trend may help take some pressure off of pump prices."
Gas prices rise and hit $3.91 per gallon
Russian strikes on Ukrainian cities draw condemnation; Kyiv to halt electricity exports to EU
Gold, silver end lower after logging back-to-back weekly gains
Oil futures settled lower as weak economic data from China fed concerns over a slowdown in energy demand. US benchmark West Texas Intermediate crude for Nov fell $1.51 (1.6%) to settle at $91.13 a barrel. Prices for the commodity gave back a portion of Fri's 4.7% gain.
Oil futures settle lower after weak economic data from China
Dow Jones Industrials
