Crude Oil WTI Futures Market News and Commentary
November WTI crude oil (CLX23) this morning is down -0.60 (-0.64%), and Nov RBOB gasoline (RBX23) is down -0.307 (-1.20%).
Nov WTI crude oil and gasoline prices this morning are moderately lower, with crude prices falling back from a 13-month high. Weaker-than-expected U.S. economic news today sparked energy demand concerns and undercut crude prices. Weakness in the dollar today limited losses in crude prices. Crude also has carryover support from Wednesday after EIA crude inventories fell to a 9-month low and crude supplies at Cushing, the delivery point of WTI futures, dropped to a 14-month low.
U.S. economic news today was mostly weaker than expected and bearish for energy demand and crude prices. Q2 GDP was unchanged at 2.1% (annualized q/q), weaker than expectations of an upward revision to 2.2%. Also, Aug pending home sales fell -7.1% m/m, weaker than expectations of -1.0% m/m and the biggest decline in 11 months. Conversely, weekly initial unemployment cla... Read more