February WTI crude oil (CLG25) Monday closed up +0.39 (+0.55%), and February RBOB gasoline (RBG25) closed up +0.0191 (+0.97%).
Crude oil and gasoline prices posted moderate gains on Monday, with crude climbing to a 5-week high and gasoline climbing to a 2-week high. Crude has carryover support from last Friday when the weekly EIA report showed that US crude inventories fell by -4.24 million bbl, a larger draw than expectations of -600,000 bbl. Also, Monday's +16% surge in nat-gas prices to a 1-year high is supporting gains in crude after the National Weather Service forecast colder-than-normal weather across the US East and Midwest in its 8-14 day outlook, an abrupt shift from what's until now been a mostly mild early winter in the US. Crude prices fell back from their best levels as the dollar strengthened and stocks weakened.
