May WTI crude oil (CLK23) this morning is up +0.62 (+0.87%), and May RBOB gasoline (RBJ23) is up +4.90 (+1.91%). April Nymex natural gas (NGJ23) is up +0.030 (+1.38%).
Crude oil and gasoline prices this morning rose to 1-week highs and are moderately higher. Dollar weakness is bullish for energy prices after the dollar index (DXY00) today fell to a 6-week low. Also, a rally in stocks today shows confidence in the economic outlook and is bullish for energy demand and crude prices. However, gains in crude were limited on ample U.S. oil supplies after Wednesday's weekly EIA inventory report showed U.S. crude inventories rose to their highest in 1-3/4 years.
