Crude Oil Brent (F) Futures Market News and Commentary
October WTI crude oil (CLV21) on Monday closed down -1.68 (-2.33%), and October RBOB gasoline (RBV21) closed down -.0561 (-2.58%).
Oct WTI crude oil and Oct RBOB gasoline prices on Monday tumbled to 1-week lows and settled moderately lower. A rally in the dollar index to a 4-week high Monday weighed on energy prices. Also, crude prices were undercut by concern that China's property debt crisis could stifle China's economic growth and its demand for commodities. In addition, Monday's slump in the S&P 500 to a 4-week low undercut confidence in the economic outlook and was negative for energy demand and crude prices.
A slow return of U.S. crude production in the Gulf of Mexico is supportive of prices. As of Monday afternoon, 331,078 bpd (18%) of U.S. crude production in the Gulf of Mexico was still offline from Hurricane Ida. The resumption of U.S. Gulf crude production was delayed by last week's landfall of Tropical Storm Nicholas. Meanwhile, Royal Dutch Shell said t... Read more