Crude Oil WTI Mar '21 (CLH21)
Crude Oil WTI Futures Market News and Commentary
Apr WTI crude oil (CLJ21) on Friday closed down -2.03 (-3.20%), and Apr RBOB gasoline (RBJ21) closed down -2.59 (-1.31%).
Crude oil and gasoline prices on Friday retreated after the dollar index rose to a 1-week high. Also, weakness in stocks on Friday reduced confidence in the economic outlook and energy demand and was bearish for crude prices. In addition, weak U.S. gasoline demand undercut gasoline and crude oil prices. Losses in crude oil accelerated Friday afternoon when weekly data from Baker Hughes showed that active U.S. oil rigs rose to a 9-3/4 month high.
Friday's global economic data was mostly positive for energy demand and crude prices. U.S. Jan personal spending rose +2.4% m/m, the biggest increase in 7 months and close to expectations of +2.5% m/m. Also, the University of Michigan U.S. Feb consumer sentiment index was revised upward by +0.6 to 76.8, stronger than expectations of 76.5. In addition, Japan Jan industrial production rose +... Read more
- Natural gas Weekly Forecast
An uptrend will start as soon, as the market rises above resistance level 2.900, which will be followed by moving up to resistance level 3.400
- Crude oil Weekly Forecast
The uptrend may be expected to continue, while market is trading above support level 60.67, which will be followed by reaching resistance level 64 and...
- Crude, Gold, Silver - Blue Line Morning Express
Crude, Gold, Silver, and more . . .