Crude Oil Brent Futures Market News and Commentary
Dec WTI crude oil (CLZ20) this morning is up +0.39 (+1.01%), Dec Brent crude oil (CBZ20) is up +0.34 (+0.84%), and Dec RBOB gasoline (RBZ20) is up +0.0180 (+1.64%).
The energy complex this morning is up moderately on a weaker dollar and as Tropical Storm Zeta shuts U.S crude production in the Gulf of Mexico. Also, strength in U.S economic data today was supportive of energy demand and crude prices. Gains in crude were limited on ramped-up crude production in Libya, rising global Covid infections, and the outlook for no U.S. pandemic stimulus until after next week's elections.
A supportive factor for crude is reduced U.S. crude production in the Gulf of Mexico due to Tropical Storm Zeta. About 16% of total U.S. Gulf crude output was shuttered as of mid-day Monday. The storm is expected to intensify into a category 1 hurricane as it races north through the Gulf of Mexico and makes landfall Wednesday between Louisiana and the Florida Panhandle.
Today's U.S. economi... Read more