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Barchart
Barchart
Rich Asplund

Crude Erases Early Gains After EIA Inventories Climb More Than Expected

Oil EIA OPEC United States Drone Russia Vortexa

April WTI crude oil (CLJ24) this morning is down -0.62 (-0.79%), and Apr RBOB gasoline (RBJ24) is down -4.64 (-1.79%).

Crude oil and gasoline prices this morning gave up an early advance and are moderately lower, with crude falling from a 3-1/2 month high on a bearish weekly EIA inventory report.  Also, today's rally in the dollar index to a 1-week high is weighing energy prices.  Crude prices today initially moved higher due to ongoing tensions in the Middle East and expectations that OPEC+ next week will decide to extend roughly 2 million bpd of crude production cuts beyond March.

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