The boom in natural gas exports creates massive demand on US production and connects US prices to the rest of the world.
Make that $6.55 for regular at my San Francisco gas station from heck.
Predictions a few weeks ago of peak gasoline prices have been obviated by the inflationary mindset.
But wait a minute… crude oil futures are far below a record.
There’s some demand destruction. But oil bounced again already. Gasoline might be next. My guess is a long-drawn-out zigzag higher.
Biggest buyers of US LNG: South Korea, China, Japan, Brazil. But Mexico bought more US natural gas than all four combined.
But the mix of how power was generated changed dramatically over the years.
Neck-breaker volatility in opposite directions in an unsettled market.
One more complication in the vast global oil trade, even for the US, one of the largest producers in the world and a big exporter.
Speculators are reacting to other speculators who are reacting to whatever.