Crude Oil Brent Futures Market News and Commentary
September WTI crude oil (CLU21) this morning is down -0.12 (-0.17%), and September RBOB gasoline (RBU21) is up +0.0150 (+0.66%). August Nymex natural gas (NGQ21) this morning is down -0.107 (-2.61%).
Sep WTI crude oil and Sep RBOB gasoline prices this morning are mixed, with RBOB gasoline at a 3-week high. Energy prices are garnering support today from a weak dollar and a rally in the crack spread to a 2-month high. Crude prices are under pressure today from weakness in stocks, along with concern that the worldwide spread of the delta Covid variant will lead to new pandemic restrictions that curb economic activity and energy demand.
Aug nat-gas prices this morning are sharply lower after forecasts for milder U.S. weather sparked long liquidation in nat-gas futures. The Commodity Weather Group today forecast cooler temperatures for the South and Midwest from August 1-5 and also said that the probability of above-normal temperatures in the Northeast has fallen compared... Read more