Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN22) on Thursday closed up +3.76 (+3.41%), and July RBOB gasoline (RBN22) closed up +6.71 (+1.80%).
Crude oil and gasoline prices Thursday rallied sharply and posted 1-week highs. Crude oil saw support Thursday from a weaker dollar and a rally in the S&P 500 to a 1-week high, which shows confidence in the economic outlook and energy demand. In addition, global crude markets continue to tighten due to a combination of rebounding demand and disrupted Russian supplies.
Despite record-high prices, expectations for stronger U.S. fuel demand are bullish for crude prices. The American Automobile Association (AAA) said it expects as many as 39.2 million people to travel this coming Memorial Day weekend, up +8.3% y/y and almost in line with 2017 levels. Also, around 3 million people are expected to fly during the holiday weekend, surpassing 2019 levels.
Crude oil has support by Tuesday's comments from Saudi Arabia's Foreign Minister, who said there... Read more