June WTI crude oil (CLM23) this morning is down -2.87 (-4.01%), and June RBOB gasoline (RBM23) is down -10.73 (-4.41%). June Nymex natural gas (NGM23) is down -0.105 (-4.74%).
Crude oil and gasoline prices this morning are falling sharply for a second session, with crude posting a 5-week low and gasoline posting a 2-1/4 month low. Crude prices are under pressure on concern a slowdown in the global economy would curb energy demand. Crude prices are also falling on concern that tighter monetary policy from the world's central banks will slow economic growth and energy demand. The Fed is expected to raise interest rates by 25 bp today, and the ECB is expected to raise rates by +25 bp on Thursday. Crude prices maintained sharp losses following this morning's mixed EIA inventory report.
