pippa stephens has more on the commodity desk. >> geopolitical factors are in the spotlight and g7 nationsw sanctions on russian energy and opec and its allies are set to meet on thursday crude has come under pressure recently alongside just about everything else and is on track to snap a six-month winning streak goldman sachs said that the distinction here needs to be made between commodities and other financial markets and commodities are spot assets meaning even as demand growth slows during the recession, and as long as demand outstrips supply, you can remain bullish and others are anticipate ory a the firm is sticking by to target for oil to hit 140 this summer and still a ways to go for that to come to fruition crude wti is down 1.7%, it is down at 115.03 valero, devon and hess among the big gainers. >> pippa, thank you for bringing that us to, pippa stephens what about nat gas prices? they're down on the lowest level since mid-april. they're having the worst month since december 2018 and world leaders in europe are also currently grappling withenergy security at the g7 summit and le

prices are down as they close for the day and the focus is on the recent move for metals and pippa stephenscnbc commodity desk pippa? >> starting on oil to snap a three-day winning streak ahead of tomorrow's meeting between opec and its allies. that comes amid growing calls that more supply needs to come online but the group is expected to stick to their plan of increasing output of 650,000 barrels per day next month wti is down 1.6% right around the 110 per barrel level and brent crude down 116 after touching 120 did i want to point out the underperformance in metals and all down and giving back q1's gains as recession fears grow which would lead to weaker demand and the metals markets have also been better supplied recently and remember, it was the supply shortage fears that were a major factor driving q1's gains. copper on track for the worst quarter in more than a decade with aluminum, kelly, tracking for its worst quarter. >> pippa, thank you very much. >> turning back to the market, there are members that are down 50% or more this year and that's where the next guest is finding opport

pippa stephens has just arrived at the commodity desk with more. pippa?ing its lockdowns is a major boon for the demand side of the equation and the market is still digesting the eu's agreement to ban the majority of russian oil imports by the end of the year now while this is certainly important, an even bigger blow would be a ban on insurance and re-insurance of russian ships which is being considered as this chart from kepler shows russian oil is till finding a buyer with a whole lot more going to ind ia and china targeting insurance would change that 90% goes through london-based insurance providers. so basically banning imports to the eu is region-specific while the insurance measures would disrupt global trade wti up half of 1% and brent crude around 116.38 and nat gas, tyler up almost 7% at 8 bucs and morgan stanley said today it could hit ten bucks and certainly not welcome news and utility bills already spiking. >> it is just one facet of the natural gas story. natural gas is a constituent of so many things to plastic and so many things we buy, i

. $107 sounds like a relief, but not much, pippa stephens. >> let's start here with oil falling aboutearly 10% on the week, snapping a seven-week winning streak the macro concerns really hitting oil today as the market reevaluates what a slowdown means for demand and the stronger dollar definitely not helping things wti is down 7% at 109.44 brent down 5.7% just under 113 turning to nat gas that's down more than 6%, right around 7 bucks yesterday it was above $8 and for the week it's now down more than 20%, and we can compare that to european natural gas which is up nearly 50% for the week moving over to gasoline futures, that is falling more than 5% and down about 9% on the week. a lot of moving parts here, but that could point to some relief at the pump with the national average right around five bucks according to aaa that is down slightly from tuesday's record high. looking at energy stocks which just briefly dropped into a bear market just now before recovering slightly down here about 20% from the recent high on june 8th, but one bright spot, though, in energy tyler, today is sol

tyler, back to you >> thank you very much pippa stephens reporting >>> a new report from mizuho shows buy now, pay later delinquencies are accelerating and june will be a critical month for affirm which has seen its stock drop 80% so far this year joining us is the analyst behind that report mizuho's dan dolen to me it reminds me of a horse that has won a triple crown and this is not a triple crown stock, forgive me for being sarcastic, but you could have seen it coming with the stumbling recession and higher prices and you could see that the delinquencies earn going to go up, right >> i forgive you for being sarcastic, as always i think we're talking about two separate things. we are talking about a cyclical trend and not really good trends that we're seeing with delinquencies and the 30-plus day delinquencies, and they're moving up and the 60 and 90 are stable and the other part which the call is predicated on, it's the secular long term disruption of credit by very sophisticated, buy now pay later firm so i want to separate the cyclical which we may or may not get into more trouble

pipa stephens has those details for us hi, pippa. >> not good news for consumers with gas prices at recordng with oil, it did spend the morning in negative territory, before staging around noon although just dipping back into negative territory and the choppy trade is thanks to covid cases in beijing rising against global supplies remaining tight. wto is flat here right around 120 that follows seven straight positive weeks brent crude also flat around 122. now looking at energy stocks they're not excaping today's broad-based selling. the sector is one of the worst performers down 4% eog, halliburton and apa among the day's biggest losers and we did hit a milestone for gas prices offer the weekend with the national average topping their 5 per gallon for the first time ever according to aaa prices are up 58 cents in the last month it does very widely lead by state. georgia has the average of $4.48 after it was suspended california, tyler has the highest at $6.43 back to you. >> pippa, thank you very much. for more on oil prices let's bring in devon guarna. good to have you with us >> thank y