W.H.’s Bernstein Blames ‘Seasonality’ and Middle East Conflict for Rising Gas Prices

EXCERPT:

BERNSTEIN: “One of the first clicks I do when I get up in the morning, which probably isn't a sign of a healthy person is -- is precisely on this gas price. So I track this very closely and I think perhaps more importantly, at CEA, we're always looking at the underlying factors to get to your question. So one -- one part of this is seasonality. And this time of the year, there's a switch from the winter to the summer blend, that puts some upward pressure on price. We had a big refinery come offline in Indiana, it's going back online, so that should provide some relief. And of course, the conflict in the Middle East has raised the price of a barrel of oil by a bit north of $10 a barrel. And so all of those factors are coming into play here. And yes, we track them very closely.”