Crude Oil WTI Futures Market News and Commentary
Apr WTI crude oil (CLJ21) this morning is up +1.50 (+2.43%), and Apr RBOB gasoline (RBJ21) is up +3.58 (+1.84%).
Crude oil and gasoline prices this morning are moderately higher, with crude at a new 13-1/2 month high and gasoline at a new 1-1/2 year high. Crude prices are climbing on signs of tighter global supplies. Prices accelerated to their highs today after the EIA reported that U.S. crude production fell to a 5-1/2 month low last week.
Crude prices garnered support today from signs that supplies in Europe are tightening after today's data from Genscape showed that crude supplies in Europe's ARA storage hub fell -2.7 million bbl in the week ended Feb 19 to 56.4 million bbl, the lowest in 5 months.
Today's global economic data was positive for energy demand and crude prices. U.S. Jan new home sales rose +4.3% to 923,000, stronger than expectations of 856,000. Also, German Q4 GDP was revised upward to +0.3% q/q and -2.7% y/y from the pre... Read more