Crude Oil WTI Futures Market News and Commentary
Jan WTI crude oil (CLF23) on Thursday closed down -0.55 (-0.76%), and Jan RBOB gasoline (RBF23) closed down -2.81 (-1.35%).
Crude oil and gasoline prices Thursday erased a sharp rally and dropped to fresh 1-year lows. Oil prices fell on concern that Thursday's increase in U.S. continuing unemployment claims to a 9-1/2 month high might indicate a weakening U.S. economy and reduced oil demand.
Crude prices Thursday initially jumped by more than +4% after TC Energy said it shut the Keystone oil pipeline system after a leak was found in the pipeline in Steele City, Nebraska. The Keystone pipeline system can carry more than 600,000 bpd of crude from Canada to Cushing, Oklahoma, and onward to Port Arthur and Houston, Texas. Crude prices gave up their advance on speculation the pipeline could be repaired within days and would be able to avoid a prolonged shutdown.
Crude prices were undercut Monday when Saudi Arabia's state-controlled Saudi Aramco cut its prices for its... Read more