July WTI crude oil (CLN23) this morning is up +1.35 (+1.85%), and July RBOB gasoline (RBN23) is up +4.86 (+1.91%). June Nymex natural gas (NGM23) is up +0.056 (+2.41%).
Crude oil and gasoline prices this morning are moving higher, with crude posting a 3-week high and gasoline climbing to a 5-week high. Crude prices opened higher today on carryover support from Tuesday when Saudi Arabia's Energy Minister warned short sellers in the oil market of pain ahead. Gains in crude accelerated after weekly EIA crude inventories unexpectedly plunged. A bearish factor for crude is today's rally in the dollar index to a 2-month high.
