Palatine Financial Reports on Gasoline’s 18-month High
Gasoline prices recently hit an 18-month high amid new reports showing improvement in the housing and services sectors. It also came during positive employment statistics, which contributed to the rising price. After months of trading in a range of $75 to $85, a recent rally driven by positive U.S. economic news means that oil may reach triple digit figures for the first time since 2008, reports the investment team at Palatine Financial.
Martin Barone, CEO at Palatine Financial, writes that the rising prices are likely due to reports on pending home sales and the service sector that came in better than anticipated. At the end of last week, the Labor Department said the country posted its best growth in jobs in three years and its fastest growth in industrial activity since July 2004.
Oil now appears to be in a new range that could go to $95 or higher, according to the team at Palatine. Not that motorists and American companies are using a lot of crude products now. Mark Cambrea, VP of Finance, reports that consumption of gasoline, diesel fuel, heating oil and jet fuel remains sluggish and that the markets are well supplied. The biggest sign of strength is from manufacturers who have boosted consumption as they fire up the nation’s factories, he notes.
Issued By: Palatine Financial
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