Crude Oil WTI Futures Market News and Commentary
Jan WTI crude oil (CLF23) on Wednesday closed down -2.24 (-3.02%), and Jan RBOB gasoline (RBF23) closed down -7.19 (-3.35%).
Crude oil and gasoline prices Wednesday extended this week's losses to 1-year lows. Weaker-than-expected Chinese trade news Wednesday signals a slowing global economy that is bearish for energy demand. In addition, crude prices extended their losses after weekly EIA gasoline and distillate supplies rose more than expected, a sign of weaker U.S. fuel demand.
Wednesday's Chinese trade news was bearish for energy demand and crude prices. Chinese Nov exports fell -8.7% y/y, weaker than expectations of -3.9% y/y and the biggest decline in 2-3/4 years. Also, Nov imports fell -10.6% y/y, weaker than expectations of -7.1% y/y and the biggest decline in 2-1/2 years.
Crude prices were undercut Monday when Saudi Arabia's state-controlled Saudi Aramco cut its prices for its key Arab Light grade crude prices to Asian customers for January delivery... Read more