July WTI crude oil (CLN23) this morning is up +1.17 (+1.62%), and July RBOB gasoline (RBN23) is up +4.02 (+1.58%). June Nymex natural gas (NGM23) is down -0.046 (-1.92%).
Crude oil and gasoline prices this morning are moderately higher, with crude posting a 1-1/2 week high and gasoline climbing to a 5-week high. Crude prices jumped today after Saudi Arabia's Energy Minister warned short sellers in the oil market of pain ahead. Also, the outlook for stronger U.S. fuel demand this Memorial holiday weekend is boosting crude prices. On the bearish side is today's rally in the dollar index to a 2-month high.
