Crude Oil WTI Futures Market News and Commentary
November WTI crude oil (CLX23) on Friday closed up +0.40 (+0.45%), and Nov RBOB gasoline (RBX23) closed down -5.62 (-2.19%).
Nov WTI crude oil and gasoline prices on Friday settled mixed, with gasoline falling to a 2-week low. A rally in the dollar index today to a 6-1/2 month high was bearish for energy prices. Also, Friday's decline in the S&P 500 to a 3-1/4 month low undercut confidence in the economic outlook, which was negative for energy demand.
However, crude posted moderate gains on expectations that global oil supplies will remain tight. Crude also had carryover support from Thursday when Russia banned gasoline and diesel exports, further tightening global fuel supplies.
Global economic news Friday was mixed for energy prices. On the positive side, the U.S. Sep S&P manufacturing PMI rose +1.0 to 48.9, stronger than expectations of 48.2. Also, the Eurozone Sep S&P composite PMI rose +0.4 to 47.1, stronger than expectations of a decline to 46.5. On t... Read more