June WTI crude oil (CLM23) this morning is down -0.15 (-0.22%), and June RBOB gasoline (RBM23) is down -0.08 (-0.03%). June Nymex natural gas (NGM23) is down -0.049 (-2.26%).
Crude oil and gasoline prices this morning are modestly lower, with crude falling to a 5-month low and gasoline falling to a 4-month low. A stronger dollar today is weighing on energy prices. Crude oil prices are also lower on concern that the ongoing U.S. banking turmoil and the Fed's rate hikes will slow the economy and energy demand. The Fed raised interest rates by 25 bp Wednesday, and the ECB raised rates by +25 bp today and signaled more rate increases are coming. Crude prices rebounded from their worst levels on signs of strength in Chinese fuel demand.
