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Barchart
Barchart
Rich Asplund

Signs of Weaker Energy Demand Fuel Long Liquidation in Crude Prices

Oil United States OPEC Donald Trump Russia Economic Growth Iran IEA Ukraine

June WTI crude oil (CLM26) today is down -2.01 (-1.88%), and June RBOB gasoline (RBM26) is down -0.0104 (-0.29%).  Crude oil and gasoline prices gave up early gains today and fell sharply on concerns that higher energy prices are starting to curb demand and global economic growth.  

Long liquidation in crude oil accelerated today on signs that high oil prices are beginning to curb energy demand and global economic growth.   US Q1 GDP rose +2.0% (q/q annualized), weaker than expectations of +2.3%.  Also, Eurozone Q1 GDP rose +0.1% q/q and +0.8% y/y, weaker than expectations of +0.2% m/m and +0.9% y/y.

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