
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.