Crude Oil Brent F Apr '22 (QAJ22)
Crude Oil Brent (F) Futures Market News and Commentary
March WTI crude oil (CLH22) on Thursday closed down -1.00 (-1.14%), and March RBOB gasoline (RBH22) closed down -0.22 (-0.09%).
WTI crude oil and RBOB gasoline prices on Thursday retreated from 7-1/4 year highs and closed moderately lower. A rally in the dollar index Thursday to a 1-1/2 year high undercut energy prices. Crude and gasoline Thursday morning initially rallied to a 7-1/4 year high on signs of strength in the U.S. economy after Q4 GDP expanded at a faster-than-expected pace.
Thursday's U.S. economic data was mixed for energy demand and crude prices. On the positive side, U.S. Q4 GDP rose 6.9% (q/q annualized), stronger than expectations of 5.5% and the fastest pace of expansion in five quarters. Also, weekly initial unemployment claims fell -26,000 to 260,000, showing a stronger labor market than expectations of 265,000. On the bearish side, Dec capital goods orders nondefense ex-aircraft, a proxy for capital spending, were unchanged m/m, weaker than ex... Read more
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