Crude Oil Brent F Apr '19 (QAJ19)
Crude Oil Brent (F) Futures Market News and Commentary
Jan WTI crude oil (CLF20) on Thursday closed up by +1.57 (+2.75%), Jan Brent crude oil (CBF20) closed up +1.57 (+2.52%), and Jan RBOB gasoline (RBF20) closed up by +0.477 (+2.89%).
The energy complex on Thursday rallied sharply to 2-week highs on some trade optimism after Chinese Vice Premier Liu He, China's chief trade negotiator, said today that he is "cautiously optimistic" about reaching a phase-one trade deal with the U.S. Also, the South China Morning Post reported Thursday that the U.S. may delay tariffs set for Dec 15 if a trade deal hasn't been reached by then.
Crude oil prices also moved higher on the outlook for increased refinery demand for crude on a report from JBC Energy on Thursday that said refineries will need to process more than an extra 1.2 million bpd in the Dec-Feb period relative to a year earlier "to keep our global core refined product inventories outlook from reaching dangerously low levels." The EIA reported Wednesday that distillate stockpi... Read more
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