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Rich Asplund

Crude Oil Prices Recover as the Crack Spread Soars

Oil United States OPEC Drone Ukraine

August WTI crude oil (CLQ26) today is up +0.23 (+0.33%), and August RBOB gasoline (RBQ26) is up +0.1010 (+3.46%).

Crude oil and gasoline prices erased early losses and moved higher today, with gasoline posting a 3-week high. Short covering emerged in crude oil prices today after the crude crack spread soared to a 4-year high. Crude oil initially moved lower today as flows through the Strait of Hormuz continued to increase, boosting global oil supplies. Also, OPEC+ raised its crude oil production target on Sunday, a bearish factor for oil prices.

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