July WTI crude oil (CLN23) this morning is up +1.22 (+1.74%), and July RBOB gasoline (RBN23) is up +3.57 (+1.479%). July Nymex natural gas (NGN23) is up +0.038 (+1.76%).
Crude oil and gasoline prices this morning are moderately higher. Crude prices are climbing in hopes of stronger Chinese energy demand after Bloomberg reported the Chinese government is working on a new basket of measures to support the property market. Also, the larger-than-expected increase in today's U.S. May nonfarm payroll report shows strength in the labor market that is supportive of economic growth and energy demand. Finally, fund short covering is lifting crude prices ahead of this weekend's OPEC+ meeting.
