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Gasoline Prices Could Surge On The East Coast

1. Gasoline Might be a Problem for US East Coast

• As US gasoline stocks have fallen to their lowest for this time of the year since 2012, at 222 million barrels, the specter of a gasoline shortage is haunting the most vulnerable states.

• European gasoline imports into PADD 1 have been greatly curtailed by the ongoing French strikes which debilitated most refineries in the country, with flows dropping to their lowest since April 2020.

• Freight costs are also limiting gasoline arbitrage into US East Coast, with a transatlantic fixture now trending at more than $45,000 a day, the highest for this time of the year in 13 years.

• National average gasoline prices have been hovering around $3.50 a gallon recently, but as the US heads into the high-demand summer season, a surge is on the cards.

2. Gold Prices Are Set for a Record Spike

• Prices of gold have risen above the $2,000 per ounce mark and are eyeing the all-time high set level in August 2020 ($2,075) as the safe-haven appeal of the bullion becomes ever more marked.

• The most recent support for gold has come from slackening business activity in the US, which feeds into a larger narrative of a potential recession being around the corner.

• With market estimates for the next Federal Reserve meeting now going 50-50 between a 25 bps rate hike and no change, fears that the Fed would retreat are pushing investors into gold.


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