Crude Oil Brent (F) Futures Market News and Commentary
December WTI crude oil (CLZ21) this morning is up +0.30 (+0.36%) and December RBOB gasoline (RBZ21) is up +0.0026 (+0.11%). December Nymex natural gas (NGZ21) is down -0.239(-3.95%).
WTI crude oil and RBOB gasoline prices this morning are modestly higher. Crude oil prices are seeing continued support from limited global oil supplies and signs of increasing demand. There is concern that global crude supplies will remain tight as OPEC+ sticks to its plan of gradual production increases. Gains in crude were limited by dollar strength and the resumption of nuclear talks with Iran.
Dec nat-gas prices this morning retreated from a 2-1/2 week high and are sharply lower. Nat-gas prices today erased early gains and moved lower on forecasts for above-normal temperatures to return in the U.S. Atmospheric G2 said today that a warming trend is seen for the eastern two-thirds of the U.S. from Nov 5-9, which should reduce heating demand for nat-gas.
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