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Barchart

Rich Asplund

Crude and Gasoline Prices Pressured by Stagnant Energy Demand

Oil EIA United States OPEC

Oct WTI crude oil (CLV24) Thursday closed down -0.05 (-0.07%), and Oct RBOB gasoline (RBV24) closed down -3.60 (-1.84%).

Crude oil and gasoline prices settled lower on Thursday, with crude posting an 8-3/4 month nearest-futures low and gasoline falling to a 2-3/4 year nearest-futures low. Energy demand concerns undercut crude prices after Thursday's US Aug ADP employment report showed employers added the fewest jobs in 3-1/2 years. Losses in crude were limited due to a weak dollar. Also, short-covering emerged in crude Thursday after OPEC+ agreed to pause its planned crude production increase for two months. In addition, crude found support Thursday after weekly EIA crude inventories fell more than expected to an 11-month low.

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