Crude Oil WTI ICE Futures Market News and Commentary
February WTI crude oil (CLG22) on Tuesday closed up +1.61 (+1.92%), and February RBOB gasoline (RBG22) closed up +1.28 (+0.53%).
WTI crude oil and RBOB gasoline prices Tuesday settled moderately higher, as crude posted a 7-1/4 year nearest-futures high and gasoline climbed to a 2-1/2 month high. Signs of tightening global crude supplies are underpinning energy prices. Also, a projection by Goldman Sachs for $100 a barrel crude by Q3 is supporting gains in energy prices. A stronger dollar and weakness in stocks Tuesday limited gains in energy prices.
In its monthly report Tuesday, OPEC said it expects global oil markets to remain "well-supported" this year by robust demand as "the impact of the omicron variant is projected to be mild and short-lived."
Global crude supplies are tightening, which is bullish for prices. Data from analytics firm Kayross shows onshore crude stockpiles have been consistently drawing in the past year, led by declines in China and the... Read more