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Barchart
Barchart
Rich Asplund

Crude Prices Climb on Signs of Strong US Energy Demand

February WTI crude oil (CLG25) today is up +1.82 (+2.54%), and February RBOB gasoline (RBG25) is up +0.0570 (+2.84%).

Crude oil and gasoline prices today are climbing, with crude oil posting a 2-1/2 month high and gasoline posting a 6-week high.  Signs of US economic strength support energy demand and crude prices after weekly jobless claims fell to an 8-month low, and the Dec S&P manufacturing PMI was revised higher.  Also, strong US jet fuel demand is bullish for crude after US jet fuel demand in October rose to a 7-year monthly high.  Crude prices fell back from their best levels after the dollar index (DXY00) rallied to a 2-year high, and weekly US EIA crude inventories fell less than expected.

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