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Barchart
Rich Asplund

Crude Moves Higher on Tight Supplies and Stonger Fuel Demand

Oil United States Nymex Natural Gas India

June WTI crude oil (CLM23) this morning is up +1.37 (+1.83%), and June RBOB gasoline (RBM23) is up +5.08 (+2.04%).  June Nymex natural gas (NGM23) is up +0.065 (+2.76%).

Crude oil and gasoline prices this morning are moderately higher.  Crude prices are climbing on tight global supplies and strength in demand.   U.S. gasoline demand in the week ended April 21 rose +11.6% w/w to 9.511 million bpd, the highest in 16 months.  Also, India's Mar crude imports rose +7.9% y/y to 20.5 MMT.  Today's rally in the S&P 500 to a 1-week high shows confidence in the economic outlook that is bullish for energy demand and crude prices.

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