Crude Oil WTI Futures Market News and Commentary
Apr WTI crude oil (CLJ21) this morning is up +1.54 (+2.58%), and Apr RBOB gasoline (RBJ21) is up +2.12 (+1.09%).
Crude oil and gasoline prices this morning are moderately higher. Crude prices are rallying today after the OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting ended without a recommendation for an increase in OPEC+ crude output. Energy prices extended their gains after today's weekly EIA data showed recent supplies of gasoline and distillates plunged after refinery utilization rates sank to the lowest on record after a deep freeze in Texas forced refiners to close.
Crude prices garnered support today after today's meeting of OPEC+ JMMC ended without any recommendation on crude output policy before Thursday's full meeting of the group. Russia is advocating for a 500,000 bbl increase in OPEC+ crude output, below the consensus for a 1.0 million bpd increase in crude production. Also, Saudi Arabia is discussing only gradually phasing-ou... Read more