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Barchart
Barchart
Rich Asplund

Crude Rallies as Risk-On Sentiment Outweighs an Unexpected Build in EIA Inventories

EIA Oil Nymex United States Natural Gas

June WTI crude oil (CLM23) this morning is up +1.45 (+2.05%), and June RBOB gasoline (RBM23) is up +6.69 (+2.70%).   June Nymex natural gas (NGM23) is down -0.024 (-1.01%).

Crude oil and gasoline prices this morning are moderately higher, with gasoline climbing to a 2-week high.  Today's main bullish factor is the broad rally in risk markets in hopes that U.S. lawmakers will soon agree to raise the debt ceiling.  Crude prices are moving higher despite today's rally in the dollar index to a 7-week high and an unexpected increase in weekly EIA crude inventories.  

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