Gasoline Futures Looking Better, Worse
It all depends on one's perspective. Seeing that I am not currently invested in these futures, but that I am a few days away from an extensive road trip, this seems like good news to me:
Oil prices tumbled 4 percent on Wednesday as U.S. gasoline futures plunged limit down, triggering a brief halt in trade on the New York Mercantile Exchange.
Gasoline traded down 25 cents at midday in New York, a move that stopped trade on NYMEX crude, heating oil and gasoline futures. Losses carried on as trading resumed with a new limit of 50 cents. Prices completed erased gains from Monday and Tuesday, when traders bid up gasoline on fears that flooding would hit Gulf refiners.
What are you thinking? Is this a blip or are we seeing the beginning of a correction in the energy markets which will drive prices down for the near term (summer and fall, perhaps)?