February WTI crude oil (CLG26) today is up +0.99 (+1.77%), and February RBOB gasoline (RBG26) is up +0.0435 (+2.57%).
Crude oil and gasoline prices are sharply higher after today's better-than-expected US economic news shows strength in energy demand. Also, the upcoming annual rebalancing of commodity indexes will see buying of oil contracts, a bullish factor for crude. On the negative side is today's rally in the dollar index to a 4-week high and the negative carryover from Wednesday, after the US lifted some sanctions on Venezuelan crude exports and President Trump said Venezuela's interim authorities agreed to give up as many as 50 million bbl of "high-quality sanctioned oil" to the US.
