Feb WTI crude oil ( CLG23 ) on Wednesday closed down -0.57 (-0.72%), and Feb RBOB gasoline ( RBG23 ) closed up +0.38 (+0.16%). Crude oil and gasoline prices Wednesday settled mixed. Crude prices Wednesday erased an early rally and closed moderately lower. A stronger dollar Wednesday was bearish for energy prices. Also, weakness in stocks undercut optimism in the economic outlook, which was negative for energy demand. Crude oil prices were also under pressure Wednesday as refiners along the Texas Gulf Coast restarted production after being idled over the past few days because of frigid temperatures that forced them to shut production. More than a third (36%) of refiners along the Texas Gulf Coast had shut down production due to the bitter cold temperatures. A negative factor for crude is an expected increase in crude supplies at Cushing, the delivery point of WTI futures. AlphaBBL on Wednesday said its data shows that crude stockpiles at Cushing increased by +1.043 million bbl in the week ending December 23. The EIA will release its weekly inventory data on Thursday due to Monday’s holiday. Crude oil prices have support after China said that it would reopen its borders from Covid curbs […]
CamTrader offers a preview only. View original article. www.barchart.com
