Across the board all the energy components saw a month-over month increase in prices.
Electricity rose 0.2 percent in August after decreasing 0.7 percent in July. Natural gas jumped 0.1 percent over the month, following a 2.0-percent increase in July. Fuel oil also rose by 9.1% in last month.
Despite the month-over-month rise, the energy index is down 3.6% when compared to 12 months ago. All of the components within the sector, except for electricity, are down on a year-over-year basis. A gas pump is inserted inside an Audi vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan
Oil's is on a three-month rally, up around 30% since late June amid a tight supply squeeze following OPEC+ production cuts and unilateral output reductions extended by Saudi Arabia and Russia. "The math is simple—declining supply and rising demand equal higher prices," Adam Turnquist, chief technical strategist for LPL Financial, recently wrote in a note to investors.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sharply higher gas prices pushed up U.S. inflation in August, yet underlying price measures cooledA spike in gas prices pushed up U.S. inflation in August, yet most other costs rose at a more modest pace, evidence that consumer price increases overall are still cooling.
Read more »
Spain 12-month inflation at 2.6% in August, up from 2.3% in July(Reuters) - Spanish national consumer prices rose 2.6% in the 12 months through August, up from a 2.3% increase during the 12 months through July, ...
Read more »
Tesla tops list of most shorted stocks for third month in August: data firmCharter Communications and Apple also draw significant interest
Read more »
Gold SWOT: China's gold reserves rose in the month of AugustCommentaries from industry expert Frank Holmes focusing on gold price movements, what's moving markets and what to expect in the metals sector. This includes his weekly Gold SWOT analysis, which is also featured in his own Kitco News show Gold Game Film
Read more »
Inflation expected to tick higher in August as oil prices surgeThe August Consumer Price Index (CPI) is expected to be elevated in the wake of high oil prices.
Read more »