Crude Oil Brent Futures Market News and Commentary
Nov WTI crude oil (CLX22) on Wednesday closed up +3.65 (+4.65%), and Nov RBOB gasoline (RBX22) closed up +8.90 (+3.75%).
Crude oil and gasoline prices Wednesday moved sharply higher. A weaker dollar Wednesday was bullish for crude prices, along with a rally in stocks that boosted optimism in the economic outlook and energy demand. In addition, crude prices extended their gains Wednesday on a bullish EIA inventory report that showed unexpected supply declines in crude, gasoline, and distillate inventories.
Crude oil prices garnered support Wednesday after the Bureau of Safety and Environmental Enforcement said U.S. energy companies idled 9.12% or 157,706 bbl of daily crude production in the Gulf of Mexico due to the approach of Hurricane Ian.
An increase in the crude crack spread is bullish for crude prices after the crack spread Wednesday rose to a 4-week high. A higher crack spread encourages refiners to boost their crude purchases to refine into gasoline a... Read more