Crude Oil WTI Futures Market News and Commentary
Dec WTI crude oil (CLZ19) on Monday closed down by -0.67 (-1.16%), Jan Brent crude oil (CBF20) closed down -0.86 (-1.40%), and Dec RBOB gasoline (RBZ19) closed down by -0.140 (-0.86%).
The energy complex moved lower Monday on reduced prospects for a resolution to the U.S./China trade war. Trade optimism receded after CNBC reported on Monday that the mood in Beijing about a U.S./China trade deal is pessimistic after President Trump nixed a rollback of tariffs on Chinese goods. A lingering trade war is negative for crude prices since it would likely undercut global growth and energy demand.
Monday's U.S. economic data was negative for economic growth and energy demand prospects after the Nov NAHB housing market index unexpectedly fell -1 to 70, slightly weaker than expectations of no change at 71.
Another negative for crude prices was Monday's monthly Drilling Productivity Report from the EIA that projected U.S. shale-oil crude oil production in December will clim... Read more