Crude Oil WTI Futures Market News and Commentary
February WTI crude oil (CLG22) on Thursday closed down -0.06 (-0.07%), and February RBOB gasoline (RBG22) closed up +0.52 (+0.21%).
WTI crude oil and RBOB gasoline prices on Thursday gave up early gains and settled mixed. The dollar on Thursday recovered from early losses and moved higher, which weighed on crude prices. Also, Thursday's weekly EIA data was mostly bearish for crude prices. Crude prices initially moved higher Thursday on signs of strong energy demand amid tightening supplies.
The IEA Wednesday, in its monthly global crude demand forecast, raised its 2022 global oil demand estimate by +200,000 bpd to 99.7 million bpd and said global oil demand suffered little impact from the omicron Covid wave. The IEA also said there was a "massive" 1.66 million bpd drawdown on average in 2021 and global crude inventories fell to 7.4 billion bbl at the end of 2021, well below pre-pandemic levels.
Goldman Sachs said Monday that it expects Brent crude to climb t... Read more