Crude Oil WTI Jul '21 (CLN21)
Crude Oil WTI Futures Market News and Commentary
August WTI crude oil (CLQ21) this morning is down -0.05 (-0.07%), and August RBOB gasoline (RBQ21) is up +2.29 (+1.04%).
Aug crude oil and gasoline prices this morning are mixed. Fuel demand optimism is supportive for energy prices today, although crude prices gave up their gains after Russia called for OPEC+ to boost crude output in August.
Strength in U.S. gasoline demand is bullish for crude and gasoline prices. Data today from Descarte Labs showed U.S. gasoline demand in the week ended June 18 rose +0.7% w/w to 9.587 million bpd, the highest this year.
Crude prices gave up early gains after a Bloomberg report said that Russia is considering a proposal that OPEC+ increase its crude production when the group meets next Thursday. OPEC+ has already revived about 2 million bpd of its idle production from May to July, but some members have been calling for an increase in output as crude prices have rallied to a 2-1/2 year high. Saudi Arabia may be at odds with... Read more
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