Crude Oil WTI Futures Market News and Commentary
November WTI crude oil (CLX23) on Wednesday closed up +3.29 (+3.64%), and Nov RBOB gasoline (RBX23) closed up +3.354 (+1.33%).
Nov WTI crude oil and gasoline prices Wednesday rallied sharply, with crude climbing to a 13-month high. Crude prices continue to push higher on concern that global oil supplies will remain tight for the foreseeable future. Crude prices extended their gains after Wednesday's weekly EIA report showed EIA crude inventories fell to a 9-month low and crude supplies at Cushing, the delivery point of WTI futures, dropped to a 14-month low.
Bearish factors for crude Wednesday were the rally in the dollar index (DXY00) to a 9-3/4 month high. Also, a slump in the S&P 500 to a 3-3/4 month low undercuts confidence in the economic outlook and is negative for energy demand and crude prices.
Wednesday's action by Germany's economic institutes to cut their growth estimates for Germany this year is bearish for energy demand and crude prices. The econ... Read more