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Barchart
Barchart
Rich Asplund

Crude Recovers Early Losses as EIA Crude Inventories Fall More Than Expected

EIA Oil United States Nymex Natural Gas

June WTI crude oil (CLM23) this morning is up +0.03 (+0.04%), and June RBOB gasoline (RBM23) is up +1.18 (+0.46%).  May Nymex natural gas (NGK23) is down -0.151 (-6.55%).

Crude oil and gasoline prices this morning recovered from early losses and are slightly higher after weekly EIA crude and gasoline inventories fell more than expected.  Also, today's decline in the dollar index to a 1-1/2 week low is bullish for energy prices.  Crude prices this morning initially fell to a 3-1/2 week low on concern that the lingering U.S. banking turmoil will drag down the economy and energy demand.

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