October WTI crude oil (CLV23) this morning is up +0.30 (+0.38%), and Oct RBOB gasoline (RBV23) is down -7.28 (-2.75%).
Crude oil and gasoline prices this morning are mixed. The actions by China over the weekend to boost its markets sparked optimism that it could revive economic growth that is positive for energy demand and crude prices. Also, gains in U.S. equity markets today boost confidence in the economic outlook that supports energy demand. Gains in crude today are limited due to a stronger dollar. Also, gasoline prices are under pressure after Marathon Petroleum said it plans to return the Garyville refinery in Louisiana to normal operations. The Garyville refinery, the third largest U.S. refinery that can process 596,000 bpd of crude, was shut since last Friday because of a fire.
