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Barchart

Rich Asplund

Year-End Short Covering Boosts Crude Prices

Oil EIA United States China OPEC

February WTI crude oil (CLG25) Tuesday closed up +0.73 (+1.03%), and February RBOB gasoline (RBG25) closed up +0.0190 (+0.95%).

Crude oil and gasoline prices Tuesday posted moderate gains, with crude climbing to an 8-week high and gasoline climbing to a 3-week high. Crude has carryover support from last Friday when the weekly EIA report showed that US crude inventories fell by -4.24 million bbl, a larger draw than expectations of -600,000 bbl. Crude oil prices also have support from Middle East tensions after the US military bombed Houthi targets in Yemen, adding to recent Israeli strikes. Gains in crude were limited after the dollar index (DXY00) rose to a 2-year high on Tuesday.

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