Wednesday, November 16, 2022

Gas prices going back up

Maybe.
Oil prices have risen after a tanker owned by an Israeli billionaire was hit by a drone carrying a bomb off the coast of Oman.

[...]

The United Kingdom Maritime Trade Operations, a military organisation that monitors shipping in the region, also said it was aware of an incident that was “being investigated”.

[...]

The incident pushed oil prices higher but the gains were capped by concerns over rising Covid-19 cases in China. Investors are worried that the country’s strict lockdowns could dent demand for oil as travel is restricted.

[...]

Stephen Innes, the managing partner at SPI Asset Management, said that after the initial “kneejerk rally in oil prices”, the tepid market follow-through reflected the “significant prudence that will be taken to avoid an escalation”.

  Guardian
As if prudence has anything to do with it.

...but hey, do what you want...you will anyway.

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