![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account High heat in the Middle East is forcing Saudi Arabia and other countries to burn oil to power their electrical grids. “Refineries, like humans, do not like it when the heat index is 115,” Lipow said. Some refineries that want to run all-out to take advantage of high profit margins may not be able to. In the span of just six weeks, oil has climbed 17%.Įxtreme heat in the United States, Europe and elsewhere has also snarled some refinery operations, somewhat limiting the production of gasoline, diesel and jet fuel. US oil prices jumped 2.2% on Monday to close at $78.74 a barrel - the highest close since April 24. Since last fall, Saudi Arabia-led OPEC and Russia have announced plans to slash output by almost 5 million barrels per day through July, according to Lipow.Īlthough OPEC and its allies, known as OPEC+, likely have not cut that full amount of output, whatever cuts they have implemented are starting to be felt in the market. Lipow blamed two powerful forces: OPEC and Russia cutting production, and extreme heat. Still, gas prices have increased by 8 cents over the past week. And the national average remains far from the record high of $5.02 a gallon last June. To be sure, gas prices are still down by 72 cents a gallon from a year ago. ![]() ![]() You may be planning a vacation, wedding, or event and want to know the expected rainfall in a certain. And consumers have been feeling better, with consumer confidence hitting a two-year high in July.Ī return of higher food and fuel prices could unravel those positive trends. There are many reasons that you may want to look up past weather records. Investors are betting the Federal Reserve will soon be able to wrap up its inflation fight. Wheat and corn prices have rallied after Russian attacks on port infrastructure in Ukraine.Ĭooling inflation, driven in part by easing gas prices, has raised hopes that the United States can avoid a recession. The unwelcome shift higher in pump prices follows a jump in oil prices, which have climbed to three-month highs as part of a broader rally in commodities. ![]() David Paul Morris/Bloomberg/Getty ImagesĪs recently as July 4, gas prices had experienced a nearly unprecedented year-over-year decline. Gasoline prices have risen in tandem with crude oil and other commodities. ![]()
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