U.S. benchmark oil has climbed to its highest prices of the year, topping $90 a barrel, with costs for diesel reaching their highest in months as U.S....
U.S. benchmark crude-oil has climbed to its highest price of the year, topping $90 a barrel, with costs for diesel reaching the highest in months as U.S. inflation stays high — and consumers are starting to take notice.
Investors tend to have a bias towards key numbers, so when the price of oil hits $90 or $100, they get worried, said Kaminski. “This is also the range at which we see articles get written, gas prices go up, consumers having to make choices about their consumption, and companies having to decide whether or how they pass on costs.”
Fuel costs “Consumers are being impacted by higher energy costs now,” said Brian Milne, product manager, editor and analyst at DTN. “While crude-oil prices closing in on $100 a barrel has more of a psychological effect on most consumers since they don’t buy crude oil, they do feel the anxiety of climbing gasoline prices.”
Most U.S. states transitioned Friday to higher Reid vapor pressure gasoline, moving away from summer-grade fuels and enabling gasoline blenders to “load up” finished motor fuel with cheap butane, naphtha, and natural gasoline, he explained. Meanwhile, climbing costs for both labor and jet fuel have pushed airfares higher in the third quarter, Milne said. Travel demand remained strong, but that may change in the fourth quarter, he said.
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