Crude Oil Brent (F) Futures Market News and Commentary
November WTI crude oil (CLX21) on Friday closed up +0.97 (+1.19%), and November RBOB gasoline (RBX21) closed up +0.0427 (+1.79%).
Nov WTI crude oil and Nov RBOB gasoline prices on Friday rallied moderately and posted fresh 7-year highs. A shortage of natural gas and coal worldwide is boosting demand for oil products and is pushing crude prices higher. A rally in the S&P 500 to a 3-week high Friday is also bolstering optimism in the economic outlook that is positive for energy demand and crude prices. Crude prices extended their gains Friday when the U.S. announced it would open its borders to vaccinated foreign travelers on Nov 8 next month, which should boost air traffic and jet fuel demand.
The International Energy Agency (IEA), in its monthly report on Thursday, said that the global natural gas crisis is spilling over into oil markets and could boost crude oil consumption by 500,000 bpd in the coming months.
According to data last Friday from energy-consultan... Read more