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Weekly Winners and Losers
Energy stole the show again last week as the Strait of Hormuz remains effectively shut and the Iran war moves into its third month.
Brent crude jumped 9.0% to $108.17, with WTI up 8.0% to $101.94 — both marking new high settles for the move midweek.
Products followed, with gasoline up 8% (+27c) and outperforming crude.
Friday’s high tick near $3.68 was RBOB’s highest trade since summer 2022, when energy markets were retreating from the post-Russia-invasion war highs.
Over the past two weeks alone, gas futures have rallied 60 cents - a big move that continues to support ethanol — and blending. June ethanol futures finished up 5% (10c), on the week and pushed to new highs for the move.
The move in futures is hitting Americans at the pump.
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