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Barchart
Barchart
Rich Asplund

Crude Prices Jump on Risks to Global Oil Supplies

February WTI crude oil (CLG24) on Monday closed up +1.78 (+2.42%), and Feb RBOB gasoline (RBG24) closed up +7.50 (+3.47%).

Crude oil and gasoline prices on Monday moved higher, with crude posting a 3-1/2 week high and gasoline posting an 8-week high.   Crude prices rallied Monday after a drone attack shut down a Novatek PJSC gas-condensate terminal on the Baltic Coast near a major oil export terminal,  threatening to disrupt Russian crude exports.  Also, Monday's rally in the S&P 500 to a record high shows confidence in the U.S. economic outlook that is bullish for energy demand and crude prices.  

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