Crude Oil WTI Futures Market News and Commentary
November WTI crude oil (CLX23) on Friday closed down -0.92 (-1.00%), and Nov RBOB gasoline (RBX23) closed down -6.67 (-2.70%).
Nov WTI crude oil and gasoline prices Friday retreated, with gasoline tumbling to a 4-1/2 month low. Crude prices were under pressure after Friday’s weaker-than-expected global economic news sparked concerns that a slowdown in the global economy will undercut energy demand. A weaker dollar Friday limited losses in crude. Also, tight global crude supplies are a bullish factor for prices.
Friday's global economic news was mostly weaker than expected and bearish for energy demand and crude prices. U.S. Aug personal spending rose +0.4% m/m, weaker than expectations of +0.5% m/m. Also, the U.S. Sep MNI Chicago PMI fell -4.6 to 44.1, weaker than expectations of 47.6. In addition, German Aug retail sales unexpectedly fell -1.2 % m/m, weaker than expectation of an increase of +0.5% m/m and the biggest decline in 8 months. Finally, Japan Sep consum... Read more