Crude Oil WTI ICE Futures Market News and Commentary
October WTI crude oil (CLV21) on Friday closed down -0.64 (-0.88%), and October RBOB gasoline (RBV21) closed down -0.0085 (-0.39%).
Oct WTI crude oil and Oct RBOB gasoline prices on Friday posted moderate losses. A rally in the dollar index on Friday to a 3-week high was bearish for energy prices, along with a slump in the S&P 500 to a 4-week low, which undercut confidence in the economic outlook. Crude oil prices were also weighed down on signs that Russia plans to boost its crude exports. Crude prices maintained moderate losses Friday from a weaker-than-expected U.S consumer sentiment index report and a jump in U.S. oil rigs to a 17-month high.
As of Friday afternoon, 422,078 bpd (23%) of U.S. crude production in the Gulf of Mexico was still offline from Hurricane Ida. U.S. Gulf crude production may be delayed further as Tropical Storm Nicholas slowly makes its way along the U.S Gulf Coast.
Friday's U.S. economic data was negative for crude after the Sep Univ... Read more