There’s been a lot of attention paid to how Canada’s oil boom has helped make gasoline cheaper. What many people may not realize is that the boom is also driving up the prices they pay for burgers and steaks.
Gasoline in New York rallied following a reported outage at Irving Oil Corp.’s Saint John, New Brunswick, refinery, which exports about half of its production to the Northeast market. Futures have jumped 7.9 percent since Sept. 12.
Retail sales rose less than forecast in June as demand cooled at building materials outlets and restaurants, showing the biggest part of the U.S. economy lacked momentum as the second quarter drew to a close.
Commodities are trailing equities for the longest stretch in almost 15 years as Goldman Sachs Group Inc. and Citigroup Inc. predict the end of the decade-long bull market even as the global economy expands.
Investors increased wagers on a commodity rally by the most in eight months as signs of a U.S. economic recovery bolstered the outlook for demand and drove rallies in crude oil, cotton, copper and gold.
Retail gasoline prices in the U.S. fell to the lowest level in a year as refineries restored production and stockpiles rose to the most in eight months, blunting criticism of President Barack Obama’s energy policies.