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Barchart
Rich Asplund

Crude Prices Settle Higher on Tight Supplies

Oil EIA crude oil United States

June WTI crude oil (CLM23) on Thursday closed up +0.46 (+0.62%), and June RBOB gasoline (RBM23) closed down -1.98 (-0.79%).  

Crude oil and gasoline prices Thursday settled mixed, with gasoline falling to a 5-week low.  Crude and gasoline have carryover support from Wednesday when the EIA reported weekly EIA crude and gasoline inventories fell more than expected.  Also, Thursday's stock rally shows confidence in the economic outlook and is bullish for crude prices.  However, crude prices fell back from their best levels, and gasoline moved lower on energy demand concerns after U.S. Q1 GDP expanded at a slower-than-expected pace (+1.1% q/q annualized versus expectations of +1.9% q/q annualized).  

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