June WTI crude oil (CLM23) this morning is down -3.60 (-4.76%), and June RBOB gasoline (RBM23) is down -10.65 (-4.18%). June Nymex natural gas (NGM23) is down -0.104 (-4.49%).
Crude oil and gasoline prices today are sharply lower, with crude falling to a 5-week low and gasoline dropping to a 6-week low. Crude prices are under pressure on concern a slowdown in the global economy would curb energy demand. Today's weaker-than-expected U.S. JOLTS job openings and factory orders reports signaled weakness in the U.S. economy, while Monday's weaker-than-expected Chinese Apr manufacturing and non-manufacturing reports indicated weakness in China's economy. The U.S. and China are the two largest crude oil consumers in the world.
