June WTI crude oil (CLM23) this morning is up +0.73 (+0.94%), and June RBOB gasoline (RBM23) is up +2.14 (+0.83%). May Nymex natural gas (NGK23) is up +0.014 (+0.63%).
Crude oil and gasoline prices this morning recovered from early losses and are moderately higher. A fall in the dollar index to a 1-week low today is bullish for energy prices. Also, signs of stronger Chinese fuel demand are positive for crude prices. Crude oil today initially moved lower on concern a slowdown in the U.S. economy will curb energy demand after the Apr Dallas Fed manufacturing activity index unexpectedly fell to a 9-month low.
