November WTI crude oil (CLX26) is up +0.20 (+0.22%) today, and November RBOB gasoline (RBX26) is up +0.0255 (+0.78%).
Crude oil and gasoline prices are moving higher today on concerns about disruptions to crude supplies from the Middle East after Iran ramped up attacks on tankers in the Strait of Hormuz. Crude prices also found support from today’s increase in the crude cracks spread to a 2-week high, encouraging refiners to buy crude oil and refine it into gasoline and distillates. Crude prices fell from their highs on a mixed EIA inventory report, which showed US crude production rose to a record high and gasoline supplies unexpectedly increased.
