Crude oil futures stole the attention of the market Monday as traders returned with renewed bullish enthusiasm and pushed front-month contracts nearly $4 per barrel higher.
Over the last three trading sessions, crude oil futures have soared higher with very little resistance seen as prices have moved $11 per barrel higher within those three trading sessions.
The focus during the market Monday turned less on moving prices away from the recent lows set just above $38 per barrel last week, and more on the adjustments to production levels seen through EIA data that was released Monday. This could spark additional follow-through support through the next couple of trading sessions. Not only did crude oil futures surge higher, but the impact was quickly felt in RBOB gasoline markets, with September futures rallying 11.86 cents per gallon, moving to $1.6404 a gallon. This is a 29-cent price surge in the last three trading sessions, which could spark some counter seasonal market support through the entire energy market.
Rick Kment can be reached at firstname.lastname@example.org
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