Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU22) on Wednesday closed +1.43 (+1.58%), and Sep RBOB gasoline (RBU22) closed +11.01 (+3.72%).
Oil prices traded lower during the morning due to a bearish EIA report and the restart of the Ukraine oil pipeline. However, oil prices then rallied late in the session on support from the gasoline price rally and the sharp sell-off in the dollar.
In a bearish factor, the EIA on Wednesday reported that U.S. oil inventories last week rose by +5.5 million bbls. Also, the EIA reported that U.S. oil production last week rose to a 2-1/4 year high as U.S. oil drillers took advantage of high oil prices to boost production.
By contrast, the EIA report was bullish for gasoline, with a rebound in gasoline demand after the previous week's decline and a -5.0 bbl drop in weekly gasoline inventories.
In a bearish factor, the flow of Russian crude oil through the southern leg of the Druzhba pipeline through Ukraine to Hungary, Slovakia, and the Czech Republic... Read more