June WTI crude oil (CLM23) this morning is down -0.88 (-1.21%), and June RBOB gasoline (RBM23) is up +0.20 (+0.08%). June Nymex natural gas (NGM23) is up +0.153 (+6.47%).
Crude oil and gasoline prices this morning are mixed, with gasoline climbing to a 3-week high. A rally in the dollar (DXY00) today to a 1-3/4 month high is bearish for energy prices. Crude prices are also under pressure today on hawkish comments from the Fed and ECB, which raises concerns central banks will keep raising interest rates that could further slow economic growth and energy demand. A rally in the S&P 500 today to a 2-1/2 week high is positive for energy prices as it shows confidence in the economic outlook that is supportive of energy demand.
