Crude Oil Brent (F) Futures Market News and Commentary
Mar WTI crude oil (CLH20) on Thursday closed up +0.49 (+0.92%), Apr Brent crude oil (CBH20) closed up +0.19 (+0.32%), and Mar RBOB gasoline (RBH20) closed up +0.0064 (+0.38%).
The energy complex settled higher Thursday with crude oil at a 3-week high and gasoline at a 6-week high. Crude oil prices moved higher Thursday on stronger-than-expected U.S. economic data and a bullish EIA inventory report.
Thursday's U.S. data showed economic strength with the Feb Philadelphia Fed business outlook survey unexpectedly rising sharply by +19.7 to a 3-year high of 36.7, stronger than expectations of -6.0 to 11.0. Also, Jan leading indicators jumped +0.8%, much stronger than expectations of +0.4%, and the biggest increase in 2-1/4 years.
European data on Thursday was also positive for economic growth and energy demand. The Eurozone Feb consumer confidence index unexpectedly rose +1.5 to a 5-month high of -6.6, stronger than expectations of -0.1 to -8.2. Also, UK Jan retail s... Read more