Crude Oil Brent (F) Futures Market News and Commentary
Sep WTI crude oil (CLU20) on Wednesday closed up +1.06 (+2.55%), Oct Brent crude oil (CBV20) closed up +0.93 (+2.10%), and Sep RBOB gasoline (RBU20) closed up +0.0393 (+3.26%).
The energy complex on Wednesday finished sharply higher. Crude prices opened higher on a weak dollar and stronger stocks and then extended their gains on a bullish weekly EIA inventory report. Economic concerns were a negative factor for energy prices.
U.S. stock indexes on Wednesday moved higher, which bolsters confidence in the economic outlook and is supportive of energy demand and crude prices.
Crude prices raced to their highs Wednesday on a bullish EIA inventory report. The EIA reported that U.S. crude inventories fell -4.51 million bbl, more than expectations of -3.50 million bbl. Also, EIA gasoline stockpiles fell -722,000 bbl, more than expectations of -400,000. In addition, EIA distillate supplies unexpectedly fell -2.32 million bbl versus expectations for a build of +1.0 millio... Read more