December WTI crude oil (CLZ25) today is down -1.47 (-2.42%), and December RBOB gasoline (RBZ25) is down -0.0612 (-3.06%).
Crude oil and gasoline prices are sharply lower today, with gasoline falling to a 1.5-week low. Today's rally in the dollar index (DXY00) to a 1.5-week high is bearish for energy prices. Crude prices are also under pressure from a report from Axios that said the Trump administration has been secretly working with Russia to draft a new plan to end the war in Ukraine. Energy prices remained lower after a mixed EIA inventory report showed that weekly crude supplies fell more than expected, while gasoline and distillate stockpiles rose more than expected.
