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Barchart
Barchart
Rich Asplund

Crude Prices Jump as the U.S. Refills the Strategic Petroleum Reserve

Oil OPEC Petroleum United States Pedro Angola Saudi Arabia Vortexa

January WTI crude oil (CLF24) this morning is up +1.58 (+2.31%), and Jan RBOB gasoline (RBF24) is up +0.0450 (+2.25%).

Crude oil and gasoline prices this morning are moderately higher.  Energy prices are climbing today after better-than-expected U.S. economic reports on Nov payrolls and Dec consumer sentiment reduced recession fears and bolstered the outlook for a soft landing, a positive factor for energy demand and crude prices.  Also, plans by the U.S. to refill its strategic petroleum reserve are supportive of crude.  On the negative side is today's rally in the dollar index (DXY00) to a 3-week high.  

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