Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU22) on Thursday closed up +2.39 (+2.71%), and Sep RBOB gasoline (RBU22) closed up +9.16 (+3.12%).
Oil prices on Thursday rallied moderately. Crude moved higher on positive carry-over from Wednesday's weekly EIA report that showed U.S. crude and gasoline inventories fell more than expected. The upside in energy prices was limited today by a stronger dollar as the dollar index (DXY00) rallied to a 1-month high.
Thursday's U.S. economic data was mixed for crude demand and prices. On the bullish side, weekly initial unemployment claims unexpectedly fell -2,000 to 250,000, showing a stronger labor market than expectations of an increase to 264,000. Also, the Aug Philadelphia Fed business outlook survey rose +18.5 to a 4-month high of 6.2, stronger than expectations of -5.0. On the negative side, July existing home sales fell -5.9% m/m to a 2-year low of 4.81 million, weaker than expectations of 4.86 million.
U.S. gasoline demand concerns ha... Read more