Crude Oil Brent Futures Market News and Commentary
Jan WTI crude oil (CLF20) this morning is up by +1.42 (+2.57%), Jan Brent crude oil (CBF20) is up +1.46 (+2.40%), and Jan RBOB gasoline (RBF20) is up by +0.426 (+2.67%).
Crude oil prices recovered from 2-1/2 week lows and moved higher this morning on a bullish weekly EIA inventory report. The EIA reported today that crude inventories rose +1.38 million bbl, less than expectations of +1.5 million bbl. Also, crude supplies at Cushing, the delivery point for WTI futures, dropped -2.265 million bbl. In addition, EIA distillate stockpiles fell -974,000 bbl to a 17-month low of 115.681 million bbl. On the negative side, EIA gasoline stockpiles rose +1.75 million bbl, well above expectations of +750,000 bbl.
Crude prices initially sold off in overnight trade to 2-1/2 week lows on ramped up trade tensions between the U.S. and China, which may hamper global growth and energy demand. Tensions increased after the U.S. Senate late Tuesday night passed legislation supporting Hong K... Read more