Crude Oil

Nov WTI crude oil prices this morning are up +51 cents (+0.72%) and Nov gasoline is +1.70 (+0.88%). Thursday's closes: Nov crude oil -2.20 (-3.01%), Nov gasoline -8.77 (-4.34%). Nov crude oil and gasoline on Thursday closed lower with Nov crude at a 3-week low and Nov gasoline at a 1-month low. Crude oil prices were undercut by the sell-off in global equity markets, which undercut confidence in the economic outlook and energy demand. In addition, the EIA report was bearish with a +5.99 million bbl increase in EIA crude inventories (vs expectations of +2.5 million bbl) a +951,000 bbl increase in EIA gasoline supplies (vs expectations of unchanged) and a +0.9% increase in U.S. crude output the week of Oct 5 to a record 11.2 million bpd.