NRGU - Energy roundup: Brent crude tops $120 U.S. gasoline hits fresh records

Brent crude (CO1:COM) is back at $120 a barrel for the first time since March, while WTI oil contracts (CL1:COM) climbed 1% to $116/bbl, as futures embark on an eighth straight day of gains amid an undersupplied market. The average cost of a gallon of gasoline in the U.S. also broke through the $4.60 level for the first time on Saturday, according to data from AAA. That comes despite raging inflation hitting consumer wallets and 35M people expected to hit the roads for the holiday weekend. Bigger picture: Memorial Day typically kicks off the start of the summer driving season and peak energy demand season in the U.S. and elsewhere. However, refined product inventories are depleted, with distillate stocks near the 17-year low of 104M barrels seen on May 6, per the U.S. Energy Information Administration. Storage in the U.S. South Central region is also 14% below its prior five-year average despite

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Energy roundup: Brent crude tops $120, U.S. gasoline hits fresh records