Crude Oil WTI Futures Market News and Commentary
January WTI crude oil (CLF22) on Wednesday closed up +0.31 (+0.43%), and January RBOB gasoline (RBF22) closed up +4.85 (+2.31%).
WTI crude oil and RBOB gasoline prices on Wednesday posted moderate gains, with gasoline climbing to a 1-1/2 week high. A weaker dollar on Wednesday was supportive of energy prices along with an easing of omicron concerns. Crude prices fell back from their best levels Wednesday on a bearish weekly EIA inventory report.
An easing of omicron Covid variant concerns is bullish for crude prices. The latest research shows that existing Covid vaccines are effective against the new omicron variant, which may lead to fewer restrictions and supports the outlook for fuel consumption.
Wednesday's global economic data was mixed for energy demand and crude prices. On the bullish side, the Oct JOLTS job openings rose +431,000 to a 3-month high of 11.033 million, showing a stronger labor market than expectations of 10.469 million. Conversely, Japan... Read more