Crude Oil Brent (F) Futures Market News and Commentary
November WTI crude oil (CLX21) on Friday closed up +0.68 (+0.93%), and November RBOB gasoline (RBX21) closed up +0.0116 (+0.55%).
Nov WTI crude oil and Nov RBOB gasoline prices on Friday closed moderately higher, with crude at a new 1-1/2 month high and gasoline at a 1-week high. Concern about tighter global crude supplies is underpinning prices. Gains in energy crude prices were contained Friday due to strength in the dollar.
A slow return of U.S. crude production in the Gulf of Mexico is supportive of prices. As of Thursday afternoon, 294,414 bpd (16.2%) 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 that its crude oil and nat-gas platforms in the Gulf of Mexico received more damage from Hurricane Ida than initially suspected.
Concern about tighter global crude supplies is bullis... Read more