Crude Oil WTI Futures Market News and Commentary
Apr WTI crude oil (CLJ20) on Friday closed down -0.50 (-0.94%), Apr Brent crude oil (CBH20) closed down -0.81 (-1.36%), and Apr RBOB gasoline (RBJ20) closed down -0.0233 (-1.31%).
The energy complex posted moderate losses Friday on concern the spread of the China coronavirus outside of China will decimate energy demand. Confirmed cases of the virus in South Korea have topped 200 and have neared 100 in Japan, while global cases of the virus have risen to 76,700 with 2,247 deaths.
The slump in Chinese economic activity due to the coronavirus has already undercut fuel demand. Data from Chinese researcher SCI99 shows operating rates at independent Chinese refineries in China's Shandong province, which accounts for about one quarter of China's total refining capacity, plunged by -42% through Feb 21 to the lowest level in 5 years.
Friday's U.S. manufacturing data was weaker-than-expected, which was negative for energy demand, after the Feb Markit manufacturing PMI fel... Read more