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Gas prices have fallen for 21 straight days and oil prices have dropped. Here’s what to know.

Top of the morning, readers. Phil Rosen here, reporting from the Big Apple. 

Of course I couldn’t miss hump day — especially when the US has just seen three weeks straight (!) that gas prices have fallen.

Let’s see what’s crackin’.

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A gas station near San Francisco, California in May 2022.

Phil Rosen/Insider

1. Gas prices have fallen for 21 days straight, even amid ongoing war in Ukraine and peak summer driving season. That’s good for the longest streak of declines since April 2020, when the pandemic first hit. 

The current average for a gallon of gas in the US is $4.80, even though some cities in California were paying nearly $7 just a few weeks ago. 

Let’s think back to Econ 101: Prices are falling, in part, because they’ve gotten so high that demand may be waning. Consumption for gasoline hit its lowest point for this time of year since 2014, excluding the pandemic months.

At the same time, stockpiles of oil have increased by over 4 million barrels during the last two weeks, even though those figures usually move in the opposite direction during summer.

Changes in supply and demand are also pulling oil prices down. Crude dipped below $100 a barrel Tuesday, shedding nearly 9% as Citibank warned prices could hit as low as $65 thanks to weak demand. 

Recession fears, too, are sending ripples across energy markets and creating headwinds for prices. 

And all this, of course, likely comes as a relief for President Joe Biden, who of late has been scrambling to speak lower prices at the pump into existence. 

In other news:

mohamed el-erian pimcoMohamed El-Erian

REUTERS/Fred Prouser

2. US futures slipped Wednesday morning as recession fears grip markets. Stocks in Europe, meanwhile, rebounded after falling sharply Tuesday. Investors are awaiting the latest employment data, set to release on Friday, which will provide a fresh snapshot of the economy. Take a look at your morning wrap.

3. On the docket: American Eagle Outfitters, Alibaba Group Holding Limited, Autodesk, and 23andMe, all reporting. Plus, keep an eye out for today’s release of Fed minutes from the central bank at 2 p.m. ET.

4. This batch of stocks share key factors that will help them outperform during a recession or economic slump. Bank of America’s Jim Carey Hall broke down which companies should fare best, based on their market history. See his top seven picks here.

5. A recession could crater the S&P 500 by more than 20% and send it to 3,000. Morgan Stanley’s Mike Wilson said the downturn is already worse than expected, and more pain could be coming. In his view, the bear market is not complete.

6. Markets have plunged in 2022 but Mohamed El-Erian said there are three positive outcomes of the brutal downturn. The top economist’s comments come as inflation continues to run hot and stocks are capping off their worst first half to a year in decades: “The promise now is one of a more sustainable destination.”

7. BlackRock warned commodity prices will remain “structurally higher” for decades. The firm explained that declining oil investments fail to keep pace with surging demand, and that clean energy options will struggle to match fossil-fuel generated power. Here’s what you want to know. 

8. The housing market is facing an “untenable frenzy.” That’s according to a real estate appraisal consultant. He broke down why summer 2023 could be the best time to buy — and signs to watch out for in the market. 

9. The chief strategist at a $1.5 billion hedge fund said we’re in a commodity super cycle right now. He shared three ETFs that investors should buy into right now so they don’t miss out on another opportunity, and explained which three geopolitical factors to bet on. 


Markets Insider

10. US oil prices slipped below a key level this week after soaring all year. As we mentioned, crude prices dipped below $100 — and the world’s biggest oil trader said the soaring prices had already caused demand destruction. 

Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.

Curated by Phil Rosen in New York. (Feedback or tips? Email [email protected] or tweet @philrosenn).

 Edited by Max Adams (@maxradams) in New York. 

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