April WTI crude oil (CLJ25) today is up +0.50 (+0.75%), and April RBOB gasoline (RBJ25) is up +0.0092 (+0.42%).
Crude oil and gasoline prices today recovered from early losses and are moderately higher. Short covering emerged in crude futures today after weekly gasoline and distillate inventories declined. Also, heightened tensions this week in the Middle East threaten to disrupt crude supplies from the region after Israel launched a series of airstrikes across Gaza and the US launched strikes against Houthi Rebels in Yemen for attacking shipping in the Red Sea. Gains in crude are limited due to a stronger dollar and a larger-than-expected build in weekly EIA crude inventories.
