NMEX Crude $ 68.68 DN $1.1500
NYMEX ULSD $2.3577 DN $0.0378
NYMEX Gas $2.5546 DN $0.0033
NEWS
July WTI crude oil on Wednesday closed down -1.15 (-1.66%), and July RBOB gasoline closed down -0.33 (-0.13%).
Crude oil and gasoline prices Wednesday settled lower. Crude prices gave up an early advance and moved moderately lower after an unexpected build in weekly EIA crude inventories. Crude prices Wednesday morning initially moved higher after the dollar index fell to a 4-week low and after the S&P 500 rallied to a 13-3/4 month high, which shows confidence in the economic outlook that is supportive for energy demand.
Crude prices found support Wednesday after China issued its third batch of crude oil quotas this year, a positive sign for Chinese energy demand. Bloomberg reported that the Chinese government gave refiners an allocation of 62.28 million tons, which took the total quota this year to around 194 million tons, +18% more than the same time last year.
Wednesday’s U.S. May PPI report showed prices eased to +1.1% y/y from +2.3% y/y in Apr, better than expectations of +1.5% y/y and the smallest increase in over two years. The easing of U.S. producer prices bolsters the case for the Fed to pause raising interest rates at today’s FOMC meeting and is supportive of crude prices
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Loren R Bailey, President
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