Crude Oil WTI Futures Market News and Commentary
November WTI crude oil (CLX23) on Wednesday closed down -5.01 (-5.61%), and Nov RBOB gasoline (RBX23) closed down -16.21 (-6.87%).
Nov WTI crude oil and gasoline prices on Wednesday sold off sharply, with crude falling to a 5-week low and gasoline tumbling to a 9-1/2 month low. Wednesday's weaker-than-expected U.S. Sep ADP employment report signals a slowdown in the labor market that is bearish for energy demand and oil prices. Crude prices extended their losses despite an unexpected decline in EIA crude inventories after weakness in U.S. gasoline demand led to an unexpected surge in EIA gasoline supplies.
Global economic news Wednesday was mixed for energy demand and crude prices. On the bearish side, the U.S. Sep ADP employment change rose +89,000, weaker than expectations of +150,000 and the smallest increase in over 2-1/2 years. Also, Eurozone Aug retail sales fell -1.2% m/m, weaker than expectations of -0.5% m/m and the biggest decline in 8 months.
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