February 1, 2023

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WTI crude breaks $65 as commodities continue to heat up

1 min read

What’s moving the oil market

US dollar weakness and enthusiasm about reopening growth are helping to keep oil bid today. WTI crude is up $1.44 to $65.30. That’s within reach of the closing high for the year, which was $66.09. It’s also the best level in 6 weeks.

The US GDP report today highlighted the strength in new vehicle sales. One of the under-appreciated effects of the pandemic has been automobile purchases and a renewed preference for driving.

Javier Blas today emphasizes how quickly UK driving has bounced back despite ongoing restrictions. It looks like it’s on track to exceed 2019, perhaps materially.

Oil chart

As for spillovers, the strength in the Canadian dollar from yesterday continues to rise, something I spoke about with BNNBloomberg yesterday.

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