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Rich Asplund

Signs of US Economic Strength Push Crude Prices Higher

Oil United States EIA OPEC SP

February WTI crude oil (CLG25) Thursday closed up +1.41 (+1.97%), and February RBOB gasoline (RBG25) closed up +0.0427 (+2.13%).

Crude oil and gasoline prices rallied Thursday, with crude oil posting a 2-1/2 month high and gasoline posting a 6-week high. Signs of US economic strength support energy demand and crude prices after weekly jobless claims fell to an 8-month low, and the Dec S&P manufacturing PMI was revised higher. Also, strong US jet fuel demand is bullish for crude after US jet fuel demand in October rose to a 7-year monthly high. Crude prices fell back from their best levels after the dollar index (DXY00) rallied to a 2-year high and after weekly US EIA crude inventories fell less than expected.

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