Crude Oil WTI Futures Market News and Commentary
Nov WTI crude oil (CLX20) on Wednesday closed up +0.13 (+0.33%), Nov Brent crude oil (CBX20) closed up +0.05 (+0.10%), and Nov RBOB gasoline (RBX20) closed up +0.0140 (+1.22%).
The energy complex on Wednesday closed higher on strength in global manufacturing activity figures. Wednesday's weekly EIA data was negative for crude oil prices but positive for the products. Crude oil prices were undercut by a rally in the dollar index to a 1-3/4 month high and the outlook for increased crude exports from Libya.
Strength in global manufacturing activity is bullish for energy demand and crude prices. The U.S. Sep Markit manufacturing PMI rose +0.4 to 53.5, right on expectations, and the fastest pace of expansion in 20 months. Also, the Eurozone Sep Markit manufacturing PMI rose +2.0 to 53.7, stronger than expectations of +0.2 to 51.9, and the fastest pace of expansion in 2 years. In addition, the UK Sep Markit manufacturing PMI fell -0.9 to 54.3, stronger than expectations of -... Read more