Crude Oil WTI ICE Futures Market News and Commentary
May WTI crude oil (CLK21) on Monday closed up +0.38 (+0.64%), and May RBOB gasoline (RBK21) closed up +0.79 (+0.40%).
Crude oil and gasoline prices on Monday settled moderately higher. A weaker dollar on Monday boosted energy prices along with strength in fuel demand in India, the world's third-largest crude consumer.
Monday's global economic data was supportive of fuel demand and crude prices. Eurozone Feb retail sales rose +3.0% m/m, stronger than expectations of +1.7% m/m and the biggest increase in 6 months. Also, Japan Mar machine tool orders jumped +65.0% y/y, the largest increase in 10 years.
India's Mar gasoline demand rose +27% y/y to 88,380 MT per day, the most in 4 months, which is supportive for crude and gasoline prices.
A decline in floating global storage of crude oil is supportive of crude prices. Data from Vortexa on Monday showed the amount of crude held around the world stored on tankers that have been stati... Read more