Crude Oil WTI Futures Market News and Commentary
May WTI crude oil (CLK21) on Wednesday closed up +2.97 (+4.94%), and May RBOB gasoline (RBK21) closed up +5.98 (+3.03%).
Crude oil and gasoline prices on Wednesday rallied sharply and posted 4-week highs. A weak dollar underpinned crude prices as the dollar index on Wednesday fell to a 3-1/2 week low. Crude prices extended their gains after the International Energy Agency (IEA) raised its 2021 global crude demand forecast. Crude prices then raced to their highs Wednesday morning on a bullish weekly EIA report.
Crude oil prices rallied Wednesday after the IEA boosted its 2021 global oil demand forecast by +230,000 bpd to 5.7 million bpd.
Comments from Fed Chair Powell were supportive for energy demand and crude prices when he said the U.S. economy "is entering a period of quicker economic expansion," but risks from a potential spike in Covid cases remain.
Wednesday afternoon's Fed Beige Book was positive for energy demand and cru... Read more