Crude Oil Brent (F) Futures Market News and Commentary
November WTI crude oil (CLX21) on Tuesday closed up +0.52 (+0.63%), and November RBOB gasoline (RBX21) closed down -0.0132 (-0.53%).
Nov WTI crude oil and Nov RBOB gasoline prices on Tuesday settled mixed. A decline in the dollar index to a 3-week low on Tuesday was positive for energy prices, along with a rally in the S&P 500 to a 5-week high, which shows confidence in the economic outlook that is positive for energy demand. Crude prices fell back from their best levels, and gasoline declined on concern that the recent surge in crude prices will cause energy demand to shrink.
Tuesday's global economic data was bearish for energy demand and crude prices. U.S. Sep housing starts unexpectedly fell -1.6% m/m to a 5-month low of 1.555 million, weaker than expectations of no change at 1.615 million. Also, U.S. Sep building permits, a proxy for future construction, fell -7.7% m/m to a 1-year low of 1.589 million, weaker than expectations of 1.680 million. In addition, E... Read more