Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN21) this morning is up +0.50 (+0.70%), and July RBOB gasoline (RBN21) is up +0.56(+0.26%).
July crude oil and gasoline prices this morning erased early losses and are moderately higher on bullish outlooks for crude prices from Goldman Sachs and Morgan Stanley. Crude prices today initially moved lower after the dollar index rallied to a new 2-month high. Also, crude oil prices were undercut by concern that the Fed is getting closer to removing stimulus measures that may curb demand for commodities.
Goldman Sachs said today that global oil demand likely hit 97 million bpd in recent days, up from 95 million bpd a few weeks ago, and in the near-term, "our highest conviction long position is oil."
Morgan Stanley today raised its crude oil-price forecast for the second half of 2021 to $77.50 per barrel from a previous estimate of $67.50 per barrel and said the global oil market is transitioning from a previous demand-constrained market to one t... Read more