Crude Oil Brent (F) Futures Market News and Commentary
November WTI crude oil (CLX23) this morning is up +0.78 (+0.88%), and Nov RBOB gasoline (RBX23) is down -4.96 (-2.06%).
Nov WTI crude oil and gasoline prices this morning are mixed, with gasoline falling to a 5-month low. Today's rally in the dollar index to a 10-1/4 month high is negative for energy prices. Crude prices have support on tightness in global crude supplies. Gains in crude are limited, and gasoline fell, as today's jump in T-note yields to a 16-year high may curb economic growth and energy demand.
Today's U.S. economic news was better than expected and was bullish for energy demand and crude prices after the Aug JOLTS job openings unexpectedly rose +690,000 to 9.610 million, showing a stronger labor market than expectations for a decline to 8.815 million.
Hawkish Fed comments today pushed the 10-year T-note yield to a 16-year high, which may weigh on economic growth and energy demand. Cleveland Fed President Mester said, "I suspect we may well nee... Read more