Crude Oil WTI Sep '22 (CLU22)
Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU22) on Friday closed up +0.47 (+0.53%), and Sep RBOB gasoline (RBU22) closed up +6.21 (+2.22%).
Crude oil and gasoline prices on Friday recovered from early losses and closed moderately higher. Strength in Friday's global economic data was bullish for energy demand and crude prices. A rally in the dollar Friday to a 1-week high was bearish for energy prices.
Friday's U.S. payroll report showed economic strength that is positive for energy demand. U.S. July nonfarm payrolls rose +528,000, stronger than expectations of +250,000 and the biggest increase in 5 months. Also, the July unemployment rate fell -0.1 to 3.5%, matching a five-decade low and showing a stronger labor market than expectations of unchanged at 3.6%.
Friday's data showed Eurozone industrial activity was stronger-than-expected, which is bullish for crude prices. German June industrial production unexpectedly rose +0.4% m/m, stronger than expectations of -0.3% m/m. Also,... Read more
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