Crude Oil WTI ICE Futures Market News and Commentary
Jan WTI crude oil (CLF20) on Wednesday closed up by +1.66 (+3.00%), Jan Brent crude oil (CBF20) closed up +1.49 (+2.48%), and Jan RBOB gasoline (RBF20) closed up by +0.523 (+3.27%).
Crude oil prices recovered from a 2-1/2 week low and moved sharply higher Wednesday on a bullish weekly EIA inventory report. The EIA reported Wednesday that crude oil inventories rose by +1.38 million bbl, less than expectations of +1.50 million bbl. Also, crude supplies at Cushing, the delivery point for WTI futures, dropped -2.265 million bbl. In addition, EIA distillate stockpiles fell -974,000 bbl to a 17-month low of 115.681 million bbl. On the negative side, EIA gasoline stockpiles rose +1.75 million bbl, well above expectations of +750,000 bbl.
Crude prices early Wednesday initially sold off to a 2-1/2 week low on ramped-up trade tensions between the U.S. and China, which may hamper global growth and energy demand. Tensions increased after the U.S. Senate late Tuesday night passed l... Read more