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Barchart
Rich Asplund

Crude Ends Slightly Higher as the Crack Spread Strengthens

Oil crude oil EIA OPEC United States

August WTI crude oil (CLQ24) on Wednesday closed up +0.07 (+0.09%), and Aug RBOB gasoline (RBQ24) closed up +2.67 (+1.07%).

Crude oil and gasoline prices on Wednesday recovered from early losses and closed higher, with gasoline climbing to a 5-week high.  Strength in the crude crack spread sparked short-covering in crude after the crack spread Wednesday climbed to a 4-week high, encouraging refiners to boost their crude purchases to refine into gasoline and distillates.  Crude prices on Wednesday initially fell to a 1-week low after the dollar index (DXY00) rallied to an 8-week high and after weekly EIA crude inventories unexpectedly rose.  

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