Crude Oil Brent Futures Market News and Commentary
November WTI crude oil (CLX21) on Thursday closed up +1.07 (+1.48%), and November RBOB gasoline (RBX21) closed up +0.0424 (+2.03%).
Nov WTI crude oil and Nov RBOB gasoline prices on Thursday posted moderate gains, with crude at a 1-1/2 month high and gasoline at a 1-week high. A weaker dollar on Thursday was supportive of energy prices along with strength in stocks, which shows confidence in the economic outlook and is positive for energy demand. Also, concern about tight U.S. crude supplies is bullish for prices after Wednesday's weekly EIA crude inventories fell more than expected to a 2-3/4 year low.
A slow return of U.S. crude production in the Gulf of Mexico is supportive of prices. As of Thursday afternoon, 294,414 bpd (16.2%) of U.S. crude production in the Gulf of Mexico was still offline from Hurricane Ida. The resumption of U.S. Gulf crude production was delayed by last week's landfall of Tropical Storm Nicholas. Meanwhile, Royal Dutch Shell said that it... Read more