August WTI crude oil (CLQ24) today is up +1.00 (+1.23%), and Aug RBOB gasoline (RBQ24) is up +0.21 (+0.08%).
Crude oil and gasoline prices today recovered from early losses and are moderately higher. Crude prices rebounded from a 1-1/2 week low today and moved higher after weekly EIA crude inventories unexpectedly declined. Also, a weaker dollar today is bullish for energy prices. In addition, today's rally in the S&P 500 to a new record high shows confidence in the economic outlook that is positive for energy demand and crude prices. On the negative side for crude is today's decline in the crude crack spread to a 2-week low and a Reuters report that said the BOJ will likely cut this year's economic growth forecast when it meets later this month.
