RBOB Gasoline Jan 25 (RBF25.NYM)
- Bloomberg
Hedge Funds Turn Most Bearish on US Gasoline in Five Years
(Bloomberg) -- Hedge funds and money managers boosted bearish bets against US gasoline to the highest in more than five years as worries about oversupply grow. Most Read from BloombergNvidia’s 13% Stock Rout Has Traders Scouring Charts for SupportBuzzFeed Struggles to Sell Owner of Hit YouTube Show ‘Hot Ones’Jain Global Raises $5.3 Billion, Secures Cash From Abu DhabiHow Long Can High Rates Last? Bond Markets Say Maybe ForeverWikileaks’ Julian Assange to Plead Guilty, Ending Yearslong US BattleS
- Yahoo Finance Video
COVID 'revenge travel' is still affecting gas demand: Analyst
While oil prices (BZ=F, CL=F) have risen during the last week, gas prices (RB=F) have remained relatively steady despite the summer travel season picking up. Patrick De Haan, GasBuddy head of petroleum analysis, joins Market Domination to give insight into oil and gas prices and Biden's potential leverage over gas prices. "According to our GasBuddy demand data, we've seen real demand at the pump essentially be under 9 million barrels a day. And compared to back in 2019 and 2018, that's very soft. Traditionally, we'd see numbers somewhere more in the mid to upper 9 million barrel-a-day range. So I think demand is still soft and I think to your point, Covid is still playing a role. We saw a lot of revenge travel in 2022. That's when international travel really wasn't possible. Last year we saw gasoline prices lower. I think we still saw revenge travel domestically last year. I think this year we're still seeing some of that revenge travel," De Haan tells Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Nicholas Jacobino
- Associated Press Finance
U.S. bans on gasoline-powered leaf blowers grow, as does blowback from landscaping industry
The roar of the leaf blower has become an inescapable part of daily life in communities across America, leading towns and states to ban or restrict blowers that run on gasoline. “If you look at what this machines does, how loud it is, how much it pollutes, it's not normal to be accepted where we live, where our children play," said Jessica Stolzberg, a writer and crusader against gas-powered leaf blowers who helped get a ban on the machines enacted in her hometown of Montclair, New Jersey. Just as the push to move away from burning fossil fuels to power cars and homes is drawing opposition from business groups and numerous device owners, the move by government to force a switch to battery-powered leaf blowers has the industry complaining of increased costs and decreased performance under the new regulations.
