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Barchart
Rich Asplund

Crude Prices Gain on Tight Supplies

Oil EIA Nymex United States Natural Gas

June WTI crude oil (CLM23) this morning is up +0.25 (+0.34%), and June RBOB gasoline (RBM23) is down -1.44 (-0.57%).  June Nymex natural gas (NGM23) is up +0.022 (+0.95%).

Crude oil and gasoline prices this morning are mixed, with gasoline falling to a 5-week low.  Crude and gasoline have carryover support from Wednesday when the EIA reported weekly EIA crude and gasoline inventories fell more than expected.  Also, today's rally in stocks shows confidence in the economic outlook and is bullish for crude prices.  However, crude prices fell back from their best levels, and gasoline moved lower on energy demand concerns after U.S. Q1 GDP expanded at a slower-than-expected pace.  

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