Crude Oil WTI Futures Market News and Commentary
Mar WTI crude oil (CLH21) on Monday closed up +0.50 (+0.96%), and Mar RBOB gasoline (RBH21) closed up +1.29 (+0.83%).
Crude oil and gasoline prices on Monday pushed higher the entire day, with RBOB gasoline posting a 1-1/2 week high. News that Iraq will cut its crude output pushed prices higher Monday, along with a rally in the crack spread to an 8-1/2 month high. Gains in crude were limited by a stronger dollar and concern that tighter Covid lockdowns will undercut economic growth and energy demand.
Crude prices pushed higher Monday after Iraq on Sunday pledged to cut its crude output in January and February to make up for overproducing versus its OPEC+ quota last year. Iraq's SOMO, a state company that markets the country's crude oil, said that Iraqi crude production would drop to 3.6 million bpd for January and February, the lowest Iraqi crude output in 6 years. Gains in crude were limited as it remains to be seen if Iraq can meet these production c... Read more