Crude Oil WTI Futures Market News and Commentary
October WTI crude oil (CLV21) on Thursday settled unchanged, and October RBOB gasoline (RBV21) closed down -0.0254 (-1.15%).
Oct WTI crude oil and Oct RBOB gasoline prices on Thursday settled mostly lower. A rally in the dollar index on Thursday to a 2-1/2 week high weighed on energy prices, along with weakness in stocks, which curbs confidence in the economic outlook that is negative for energy demand. Crude prices recovered all of their losses after Thursday's better-than-expected U.S. economic data signaled strong energy demand.
As of Thursday afternoon, 513,878 bpd (28%) of U.S. crude production in the Gulf of Mexico was still offline from Hurricane Ida. U.S. Gulf crude production may be delayed further as Tropical Storm Nicholas slowly makes its way along the U.S Gulf Coast.
Weakness in the crack spread is bearish for crude prices after the spread tumbled to a 3-week low Thursday. A lower crack spread discourages refiners from purchasing crude oil to re... Read more