Crude Oil WTI Mar '21 (CLH21)
Crude Oil WTI Futures Market News and Commentary
Mar WTI crude oil (CLH21) on Wednesday closed up +0.33 (+0.62%), and Mar RBOB gasoline (RBH21) closed up +0.58 (+0.38%).
Crude oil and gasoline prices on Wednesday posted moderate gains. A rally in stocks Wednesday improved confidence in the economic outlook and was positive for energy demand and crude prices after the S&P 500, the Dow Jones Industrials, and Nasdaq 100 stock indexes all rose to new record highs. Also, hopes that U.S. lawmakers will pass additional pandemic relief measures supported energy prices after U.S. Treasury Secretary nominee Yellen on Tuesday called on lawmakers to "act big" on stimulus.
Wednesday's U.S. economic data was negative for energy demand and crude prices after the Jan NAHB housing market index unexpectedly fell -3 to a 4-month low of 83, weaker than expectations of unchanged at 86.
Stronger U.S. gasoline demand for a second week is bullish for crude and gasoline. Descartes Labs reported Tuesday that U.S.... Read more
- Natural gas Thursday Forecast
The downtrend may be expected to continue, while market is trading below resistance level 2.570, which will be followed by reaching support level 2.300...
- Crude oil Thursday Forecast
The uptrend may be expected to continue, while market is trading above support level 52.80, which will be followed by reaching resistance level 53.75
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- Natural gas Tuesday Forecast
An uptrend will start as soon, as the market rises above resistance level 2.634, which will be followed by moving up to resistance level 2.766
- Crude oil Tuesday Forecast
The downtrend may be expected to continue in case the market drops below support level 52.27, which will be followed by reaching support level 51.46