Crude Oil WTI Sep '16 (CLU16)Get Real-Time Futures
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN19) on Tuesday closed up +1.97 (+3.79%), and Aug Brent crude oil (CBQ19) closed up +1.20 (+1.97%). July RBOB gasoline (RBN19) closed up +0.0306 (+1.81%). The energy complex rallied sharply Tuesday with Jul WTI crude at a 1-week high on optimism for new ECB stimulus and as OPEC+ made progress in setting a date to discuss an extension to crude production cuts. Comments from ECB President Draghi spurred a rally in commodity markets when he said "additional stimulus will be required" if the economic outlook doesn't improve. The added stimulus may boost economic growth and energy demand. OPEC+ has proposed a mid-July meeting in Vienna to discuss extending production cuts into 2H2019 and is awaiting responses from Russia and Iran before confirming a date. An easing of U.S./China trade tensions also fueled gains in the energy complex after President Trump on Tuesday said he had a "very good" phone conversation with Chinese President Xi Jinping and that he will hold an "extended meeting" with him at the G-20 meeting next week in Osaka, Japan. Oil prices continue to see support from US/Iran tensions after the U.S. on Monday announced plans to send another 1,000 troops to the Middle East and after Iran on Monday said it has increased its uranium enrichment rate and will breach the nuclear-deal enrichment limit in 10 days. Crude prices maintained their gains Tuesday afternoon when the API reported that U.S. crude stockpiles fell -812,000 bbl last week. Wednesday's EIA crude inventories are expected to fall -1.75 million bbl. Last Wednesday's EIA data showed that U.S. crude oil inventories as of June 7 were a hefty +8.4% above the 5-year average, gasoline inventories were +2.2% above the 5-year average, and distillate inventories were -4.2% below the 5-year average.
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