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Barchart
Rich Asplund

Crude Prices Climb as Global Oil Supplies Shrink

Oil United States EIA Nymex China Natural Gas

May WTI crude oil (CLK23) this morning is up +1.16 (+1.42%), and May RBOB gasoline (RBJ23) is up +0.47 (+0.16%).  May Nymex natural gas (NGK23) is down -0.093 (-4.25%).

Crude oil and gasoline prices this morning are moderately higher, with crude climbing to a 4-1/2 month nearest-futures high and gasoline climbing to a 5-1/2 month high.  A weaker dollar today is bullish for energy prices.  Also, tightness in global oil supplies is supporting crude prices after OPEC+ announced a surprise cut in oil production last Monday and as 400,000 bpd of Iraqi crude oil exports remain halted.

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