Crude Oil Brent (F) Futures Market News and Commentary
November WTI crude oil (CLX23) on Thursday closed down -1.97 (-2.10%), and Nov RBOB gasoline (RBX23) closed down -8.39 (-3.29%).
Nov WTI crude oil and gasoline prices on Thursday closed moderately lower, with crude prices falling back from a 13-month high. Thursday’s weaker-than-expected U.S. economic news on Q2 GDP and Aug pending home sales sparked energy demand concerns, leading to long liquidation in crude and gasoline futures. Weakness in the dollar Thursday was supportive of crude prices. Crude also has carryover support from Wednesday after EIA crude inventories fell to a 9-month low and crude supplies at Cushing, the delivery point of WTI futures, dropped to a 14-month low.
Thursday's U.S. economic news was mostly weaker than expected and bearish for energy demand and crude prices. Q2 GDP was unchanged at 2.1% (annualized q/q), weaker than expectations of an upward revision to 2.2%. Also, Aug pending home sales fell -7.1% m/m, weaker than expectations of -... Read more