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Barchart
Barchart
Rich Asplund

Tight Global Supplies Underpin Crude Prices

Oil crude oil United States Russia Bundesbank Iran Vortexa

September WTI crude oil (CLU23) this morning is up +0.46 (+0.57%), and Sep RBOB gasoline (RBU23) is down -4.60 (-1.63%).

Crude oil and gasoline prices this morning are mixed, with gasoline falling to a 1-1/2 week low.  Concerns about tight global supplies are underpinning crude prices.   However, economic malaise in China, the world’s second-largest crude consumer, threatens to curb its energy demand and is bearish for prices.  Also, a stronger dollar today is negative for energy prices.

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