Good observation from Dave Lutz of Stifel Nicolaus – despite the fact that oil has been diving lately (crude is below $90 again), gasoline isn’t cooperating.
In fact, it’s doing just the opposite. Gas prices are up about 4% today.
Here’s a chart going back a few years of New York Merc Gasoline futures spiking back up to new highs.
Lutz speculates that it has to do with supply disruptions coming out of Canada, spiking gas prices at just the wrong time.
Photo: Business Insider, Bloomberg
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