Crude Oil WTI ICE Futures Market News and Commentary
Aug WTI crude oil (CLQ22) on Thursday closed down -4.02 (-3.66%), and Aug RBOB gasoline (RBQ22) closed down -18.70 (-5.02%).
Crude oil and gasoline prices Thursday closed sharply lower, with gasoline falling to a 1-3/4 month low. Concerns that energy demand will suffer as the economy slows are undercutting energy prices. Crude prices extended their losses Thursday after President Biden said he would ask U.S. allies in the Persian Gulf region to boost oil production when he meets with them during a trip to Saudi Arabia next month.
Weaker-than-expected global economic data Thursday signals weakness in the economy that is bearish for crude demand and prices. U.S. May personal spending rose +0.2% m/m, weaker than expectations of +0.4% m/m. Also, the U.S. Jun MNI Chicago PMI fell -4.3 to a 1-3/4 year low of 56.0, weaker than expectations of 58.0. In addition, the China Jun manufacturing PMI rose +0.6 to 50.2, weaker than expectations of 50.5. Finally, Japan May ind... Read more