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Barchart
Barchart
Rich Asplund

Weak U.S. Economic News Sparks Long Liquidation in Crude

Oil crude oil United States EIA Vortexa

November WTI crude oil (CLX23) on Thursday closed down -1.97 (-2.10%), and Nov RBOB gasoline (RBX23) closed down -8.39 (-3.29%).

Nov WTI crude oil and gasoline prices on Thursday closed moderately lower, with crude prices falling back from a 13-month high.  Thursday’s weaker-than-expected U.S. economic news on Q2 GDP and Aug pending home sales sparked energy demand concerns, leading to long liquidation in crude and gasoline futures.  Weakness in the dollar Thursday was supportive of crude prices.  Crude also has carryover support from Wednesday after EIA crude inventories fell to a 9-month low and crude supplies at Cushing, the delivery point of WTI futures, dropped to a 14-month low.  

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