Crude Oil WTI Futures Market News and Commentary
March WTI crude oil (CLH22) on Friday closed down -0.41 (-0.48%), and March RBOB gasoline (RBH22) closed down -1.97 (-0.80%).
WTI crude oil and RBOB gasoline prices on Friday closed moderately lower. A slump in the S&P 500 to a 3-1/4 month low Friday undercut confidence in the economic outlook and prompted long liquidation in most commodities, including crude oil. Crude prices also have negative carry-over from Thursday when the EIA reported an unexpected increase in weekly U.S. crude inventories. Losses in crude were limited Friday from a weaker dollar.
Crude prices on Thursday rallied to a 7-1/4 year nearest-futures high on signs of stronger demand amid dwindling supplies. The IEA Wednesday, in its monthly global crude demand forecast, raised its 2022 global oil demand estimate by +200,000 bpd to 99.7 million bpd and said global oil demand suffered little impact from the omicron Covid wave. The IEA also said there was a "massive" 1.66 million bpd drawdown on ave... Read more