Mid-Week Review – July 21, 2021

Oil-Price Swoon Spurs Traders to Bet on Further Declines

Bets that oil investors made in options markets help explain why crude prices fell so sharply on Monday, and show that traders are bracing for prices to lurch lower once more. U.S. crude prices swooned in tandem with stocks and other industrial commodities to start the week after the spread of the coronavirus Delta variant shook confidence in the global economic rebound. West Texas Intermediate futures recovered some lost ground Tuesday but remained 10% below their recent closing high at $67.42 a barrel. Click Here to read more from the WSJ.

Oil prices plunge $4 per barrel after OPEC+ agrees to boost output

Oil prices plunged more than $4 a barrel on Monday, headed for its worst day since March, after OPEC+ agreed to boost output, stoking fears of a surplus as rising COVID-19 infections in many countries threaten demand. Crude oil’s year-long surge has been sputtering for most of the last two weeks with the prospect of new supply undermining the case for higher prices. With the Delta variant of the coronavirus spreading, funds bailed out of long positions on Monday. Click Here to read more from the New York Post.

Georgia gas prices continue to rise over summer demand

Georgians should be ready to experience some pain at the pump this week if you’re planning any kind of summer road trip to the beach or the mountains. AAA reports that Georgia gas prices have increased at the pump compared to a week ago. On average, Georgia drivers are paying $2.97 for a gallon of regular unleaded gasoline. That’s 4 cents more than a week ago, 7 cents more than in June, and 96 cents more compared to July of 2020. Click Here to read more from FOX5 Atlanta.

Gas prices hit new highs – these states saw the largest weekly increase

The cost of a full gas tank continues to grow this summer amid a spike in crude oil prices and a renewed demand for fuel as Americans travel, return to workplaces and take up pre-pandemic activities. The national gas price is now 98 cents higher than it was during the pandemic at this time last year, before the COVID-19 vaccine was widely available, according to AAA. Some states, like Colorado, have seen the price jump more than a $1 from this date last year – in 2020 the average price for a gallon of gas was $2.45, compared to $3.52 in 2021. Click Here to read more from KHON News.