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Barchart
Rich Asplund

Crude Gains on the Outlook for Tighter Global Oil Supplies

Oil Nymex United States International Energy Agency Natural Gas OPEC

May WTI crude oil (CLK23) this morning is up +0.66 (+0.80%), and May RBOB gasoline (RBJ23) is down -0.55 (-0.19%).  May Nymex natural gas (NGK23) is up +0.052 (+2.59%).

Crude oil and gasoline prices this morning are mixed.  Crude has support on today's projection from the International Energy Agency for the global oil market to fall into a -2.0 million bpd deficit in the second half of this year due to lower OPEC+ oil production.  However, gains in crude were limited, and gasoline prices fell into negative territory after the dollar index (DXY00) rebounded from an 11-1/2 month low and moved higher.

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