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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Geopolitical Risks and Tighter Supplies

Oil United States Baker Hughes Drone OPEC Red Sea Russia Vortexa

April WTI crude oil (CLJ24) on Friday closed up +1.71 (+2.19%), and Apr RBOB gasoline (RBJ24) closed up +3.34 (+1.29%).

Crude oil and gasoline prices on Friday closed moderately higher, with crude posting a 3-3/4 month high and gasoline posting a 5-1/2 month high.  A weaker dollar on Friday was supportive of energy prices.  Crude also has support on expectations that OPEC+ next week would extend its roughly 2 million bpd of crude production cuts beyond March.  In addition, the ongoing attacks by Houthi rebels on commercial shipping in the Red Sea have disrupted Middle Eastern crude supplies and strengthened the U.S. physical oil markets as foreign buyers turn to U.S. crude supplies to avoid shipping issues.  Crude prices fell back from their best levels Friday after weekly data from Baker Hughes showed active U.S. oil rigs rose to a 5-month high.

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