Crude Oil WTI Futures Market News and Commentary
Aug WTI crude oil (CLQ22) this morning is down -0.03 (-0.03%), and Aug RBOB gasoline (RBQ22) is down -11.23 (-2.92%). Aug Nymex natural gas (NGQ22) is down -0.054 (-0.82%).
Crude oil and gasoline prices this morning are lower, with crude falling back from a 1-1/2 week high. Crude prices this morning initially rose after weekly EIA inventories fell more than expected. However, signs that record-high gasoline prices are causing demand destruction weighed on prices. Also, a rally in the dollar index today (DXY00) to a 1-1/2 week high is weighing on energy prices.
Nat-gas prices this morning gave up an early advance and turned lower on a mixed U.S. weather forecast, which should reduce nat-gas demand from electricity providers to power increased air-conditioning usage. The National Oceanic and Atmospheric Administration (NOAA) said today that below-normal temperatures are expected for the U.S. West Coast and Northeast, and above-normal temperatures are expected in the U... Read more