Crude Oil WTI ICE Futures Market News and Commentary
December WTI crude oil (CLZ21) on Friday closed up +1.26 (+1.53%), and December RBOB gasoline (RBZ21) closed down -0.0034 (-0.14%).
Nov WTI crude oil and Nov RBOB gasoline prices on Friday settled mixed. A weaker dollar on Friday supported energy prices, along with concern that global crude supplies will remain tight as OPEC+ sticks to its plan of gradual production increases. Gains in crude were limited by energy demand concerns due to Friday's uneven global economic data.
Global economic data on Friday was mixed for energy demand and crude prices. On the positive side, the Eurozone Oct Markit manufacturing PMI fell -0.1 to 58.5, stronger than expectations of 57.1. Also, the Japan Oct Jibun Bank services PMI rose +2.9 to 50.7, the first time Japan’s service sector has expanded in 21 months. On the negative side, the U.S. Oct Markit manufacturing PMI fell -1.5 to a 7-month low of 59.2, weaker than expectations of 60.5.
Weakness in the crack spread is bearis... Read more