Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU20) this morning is up +0.76 (+1.81%), Oct Brent crude oil (CBV20) is up +0.59 (+1.31%), and Sep RBOB gasoline (RBU20) is up +0.0233 (+1.90%).
The energy complex this morning is moving higher on a weak dollar and strength in stocks. Also, an unexpected improvement in German investor confidence lifted crude prices, as did expectations for another drawdown in crude supplies in Wednesday's weekly EIA inventory report.
The S&P 500 is moving higher today and posted a new 5-1/2 month high after President Trump Monday night said he's "very seriously" considering a capital gains tax cut through an executive order. Also, falling Covid hospitalization rates in the U.S. gave equities a boost after New York, California, and Texas all reported falling hospitalizations on Monday. The strength in stocks bolsters confidence in the economic outlook and energy demand and is bullish for crude oil prices.
Today's European economic data was positive for economi... Read more