Retail gasoline prices have hit their high for the year, but the news is not all bad. Despite the fact that AAA says prices have risen 17 cents a gallon, hitting $265 per gallon, prices are a lot lower than a year ago--and taking into consideration the fact that crude oil prices have soared, it could have been a lot worse.
We discuss America's latest natural gas boom with EIA Administrator Adam Sieminski.
The massive draw came even after U.S. oil production climbed to 8.16 million barrels a day last week, the highest level since July 1988.
The natural gas market has been the best performing commodity of the year. We called a major low in January and we are continuing to ride and roll over that position.
Well a few tweaks to my model and we called the natural gas number right on the button. While my estimate was off of main stream expectations, the market hit a new high for the year on the 146bcf withdraw.
Daily fundamental energy market analysis from Phil Flynn.
Iran and China are nearing completion of a deal that would see China's Sinopec acquire a 51% stake in Iran's Yadavaran oilfield bringing an annual supply of 10 million tonnes of liquefied natural gas to China.