Crude Oil WTI Futures Market News and Commentary
May WTI crude oil (CLK20) this morning is up +0.23 (+0.858%), Jun Brent crude oil (CBM20) is up +0.11 (+0.33%), and May RBOB gasoline (RBK20) is down -0.0131 (-1.87%).
The energy complex this morning is mixed. Crude oil prices have support today from a weaker dollar and on reports that Russia and Saudi Arabia are close to a deal to cut crude output at Thursday's virtual OPEC+ meeting. However, a deal may hinge on some form of co-operation from the U.S. A G-20 meeting on energy ministers is being organized for this Friday to put pressure on non-OPEC+ countries such as the U.S. and Canada to cut production.
Today’s rally in the S&P 500 to a 3-1/2 week high shows improved confidence in the economic outlook and in energy demand. Stocks are higher on optimism that the spread of the coronavirus may be slowing. Italy, France and Germany today announced lower numbers of new coronavirus cases, and China reported no new deaths for the first time since the pandemic emerged. Confi... Read more