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Crude Oil WTI Jun '19 (CLM19)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Surges to a 5-3/4 Month High After the U.S. Ends Iran Waivers

Jun WTI crude oil (CLM19) on Monday closed up by +1.48 (+2.31%) and Jun Brent crude oil (CBM19) closed up by +2.07 (+2.88%). Jun RBOB gasoline (RBK19) closed up by +0.0440 (+2.16%). The energy complex rallied sharply Monday with Jun WTI crude and June Brent crude at 5-3/4 month highs and Jun RBOB gasoline at a 6-1/2 month high. Energy prices surged Monday the announcement by the Trump administration that U.S. will not renew waivers that let countries buy Iranian oil without facing U.S. sanctions. The current set of waivers that were issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey expire on May 2 and the U.S. wants to completely shut down Iranian crude exports. In response to the U.S. action to stop Iranian crude exports, Iran on Monday threatened to close the Strait of Hormuz, a 96-mile long body of water that connects the Persian Gulf to the Indian Ocean and carries 20% of the world's crude exports, if it is unable to export crude oil. A weaker dollar on Monday also boosted the energy complex as well as an increase in the crack spread to a 10-1/4 month high. The increase in the crack spread encourages refiners to boost their crude purchases to refine more gasoline. Also, last Friday's weekly data from Baker Hughes showed that the number of active U.S. oil rigs fell by -8 rigs to 825 rigs in the week ended April 19. Last Wednesday's EIA data showed that U.S. crude inventories as of Apr 12 were -0.1% below the 5-year average, gasoline supplies were -1.0% below the 5-year average, and distillate stockpiles were -5.8% below the 5-year average. U.S. crude production in the week ended Apr 12 was down -0.8% w/w at 12.1 million bpd, just below the recent record high of 12.2 million bpd.
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