Oil Prices Are Rising Again (USO)

Share This Article
August 28, 2018 6:43am NYSE:USO

oil-barrels

From Jill Mislinski: It’s time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium are up a penny and unchanged, respectively, from last week.


According to GasBuddy.com, Hawaii has the highest average price for Regular at $3.73 and San Francisco, CA is the most expensive city, averaging $3.74. South Carolina has the cheapest at $2.50. The WTIC end of day spot price closed at 68.87, a 5.3% increase from this time last week.

How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here’s a visual answer.

Weekly Gas Prices Since 2000

The next chart is a monthly chart overlay of West Texas Light Crude, Brent Crude, and unleaded gasoline end-of-day spot prices (GASO).

WTIC BRENT GASO

In this monthly chart, WTIC end of day spot price closed at 68.87, a 5.3% increase from this time last week.

The volatility in crude oil and gasoline prices has been clearly reflected in recent years in both the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE). For additional perspective on how energy prices are factored into the CPI, see What Inflation Means to You: Inside the Consumer Price Index.

Consumer Price Index

The chart below offers a comparison of the broader aggregate category of energy inflation since 2000, based on categories within Consumer Price Index (commentary here).

CPI Components

Here are some additional commentaries related to gasoline prices:


The United States Oil Fund LP ETF (USO) fell $0.03 (-0.21%) in premarket trading Tuesday. Year-to-date, USO has gained 20.73%, versus a 9.02% rise in the benchmark S&P 500 index during the same period.

USO currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 111 ETFs in the Commodity ETFs category.


This article is brought to you courtesy of Advisor Perspectives.


Read Next



Get Free Updates

Join over 50,000 investors who get the latest news from ETFDailyNews.com!

Most Popular


From Our Partners


Explore More from ETFDailyNews.com

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again!

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories