Crude Oil Brent Futures Market News and Commentary
Aug WTI crude oil (CLQ20) on Wednesday closed up +0.28 (+0.69%) at $40.90, Sep Brent crude oil (CBU20) closed up +0.21 (+0.48%) at $43.29, and Aug RBOB gasoline (RBQ20) closed up +0.0159 (+1.25%).
The energy complex on Wednesday closed higher with RBOB gasoline at a 2-week high. Crude prices on Wednesday initially moved lower after an unexpected build in weekly EIA crude inventories and a surge in distillate supplies. However, a slump in the dollar index to a 2-week low sparked short-covering in crude and prices closed higher. Gasoline also gained on an unexpected draw in EIA gasoline stockpiles.
Comments on Wednesday from ECB Vice President Guindos were positive for economic growth and energy demand when he said, "the outlook is a little bit brighter than it was only two months ago in terms of economic performance."
A negative for crude prices is the outlook for an increase in Canadian crude output. Cenovus Energy, Husky Energy, Baytex Energy, and several other... Read more