Crude Oil Brent (F) Futures Market News and Commentary
Dec WTI crude oil (CLZ20) this morning is down -1.59 (-3.81%), Dec Brent crude oil (CBZ20) is down -1.36 (-3.15%), and Dec RBOB gasoline (RBZ20) is down -0.0454 (-3.87%).
The energy complex this morning is sharply lower on anemic fuel demand, along with an unexpected increase in EIA gasoline supplies. Crude prices are also weaker on concern that the worsening of the Covid pandemic will lead to additional stay-at-home measures that curtail economic growth and energy demand. A positive for energy prices today is a slump in the dollar index to a 1-1/2 month low.
JBC today cut its global 2020 crude demand outlook, citing a persistent lack of recovery in U.S. gasoline demand. JBC now estimates global crude demand will fall by -8.7 million bpd on a y/y basis in 2020, about -500,000 bpd lower than a previous assessment.
Slack U.S. gasoline demand is bearish for crude prices after Monday's data from GasBuddy showed U.S. gasoline demand fell -0.6% in the week ending Oct... Read more