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Gasoline RBOB May '23 (RBK23)

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Gasoline RBOB Futures Market News and Commentary

Crude Prices Rebound as Oversold Conditions Spark Some Short Covering

July WTI crude oil (CLN24) Wednesday closed up +0.82 (+1.12%), and July RBOB gasoline (RBN24) closed up +0.41 (+0.17%).

Crude oil and gasoline prices on Wednesday recovered from early losses and finished moderately higher.   Technical short-covering emerged in crude futures Wednesday after prices fell for five consecutive sessions and became oversold.  Oil prices had tumbled more than -4% this week to a 4-month low Tuesday on negative carryover from Sunday when OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies.  Crude prices settled higher Wednesday despite an unexpected build in weekly EIA crude inventories.

Global economic news Wednesday was mixed for energy demand and crude prices.  On the bullish side, the US May ISM services index rose +4.4 to 53.8, stronger than expectations of 51.0 and the highest level in 9 months.  Also, the China May Caixin services PMI rose +1.5 to a 10-month high of 54.0,... Read more

Contract Specifications

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Contract
Gasoline Blendstock New York Harbor [RBOB]
Contract Size
42,000 gallons
Tick Size
$0.0001 (0.01 cent) per gallon ($4.20 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 8:00a.m. - 1:30p.m.) (Settles 1:30p.m.) CST
Exchange
NYMEX
Point Value
$42,000
Margin/Maintenance
$7,620/6,928
First Notice Date
05/02/23
Expiration Date
04/28/23 (expired)

Seasonal Chart

Gasoline RBOB May '23
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of May 28, 2024

View Chart Details
Commercials - Long / Short
194,505 (-5,355)
250,591 (-6,786)
Non-Commercials - Long / Short
84,059 (-5,146)
37,845 (-4,296)
Producers - Long / Short
123,093 (-332)
213,234 (-5,108)
Swap Dealers - Long / Short
53,042 (+1,365)
18,987 (+4,710)
Managed Money - Long / Short
62,856 (-6,556)
23,400 (-1,673)
Other Reportables - Long / Short
21,203 (+1,410)
14,445 (-2,623)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
2.5175 +2.40%
on 04/27/23
2.8943 -10.93%
on 04/12/23
-0.1025 (-3.82%)
since 03/28/23
3-Month
2.3626 +9.12%
on 03/16/23
2.8943 -10.93%
on 04/12/23
-0.1616 (-5.90%)
since 01/27/23
52-Week
2.2501 +14.57%
on 12/12/22
3.1432 -17.98%
on 06/14/22
-0.1641 (-5.98%)
since 04/28/22

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Most Recent Stories

More News
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Heating Oil peaked at a 17.1% carry yield in September 2023. It has also had a steady decline from a short-term peak of 13.3% in February of this year into negative territory.

Crude Prices Rebound as Oversold Conditions Spark Some Short Covering

July WTI crude oil (CLN24 ) Wednesday closed up +0.82 (+1.12%), and July RBOB gasoline (RBN24 ) closed up +0.41 (+0.17%). Crude oil and gasoline prices on Wednesday recovered from early losses and finished...

CLN24 : 74.61 (+0.73%)
RBN24 : 2.3650 (+0.48%)
Nat-Gas Prices Jump on Forecasts for Hot US Temps

July Nymex natural gas (NGN24 ) on Wednesday closed up by +0.171 (+6.61%). July nat-gas prices Wednesday closed sharply higher as US weather forecasts turned warmer, which will boost nat-gas demand from...

NGN24 : 2.813 (+2.03%)
Crude Prices Pressured by Build in Weekly EIA Inventories

July WTI crude oil (CLN24 ) today is down -0.16 (-0.22%), and July RBOB gasoline (RBN24 ) is down -1.42 (-0.60%). Crude oil and gasoline prices today are mildly lower, with crude holding above Tuesday's...

CLN24 : 74.61 (+0.73%)
RBN24 : 2.3650 (+0.48%)
The Overlooked Impact of Lower Crude Oil Prices on Inflation and the Dollar

Crude oil can be forming a bearish running triangle pattern, which can cool down the inflation in US, while US Yields and US dollar could weaken.

Short Term Elliott Wave Structure in Oil (CL_F) Favors Downside

Short Term Elliott Wave in Oil (CL_F) shows incomplete Elliott Wave bearish sequence from 04.12.2024 high. Down from there, wave 1 ended at 76.15 like the 1 hour chart below shows. Rally in wave 2 unfolded...

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Merger and acquisition activity in the U.S. oil and gas sector has surged to almost $200 billion in the past year. Not surprisingly, the country’s richest shale area - the Permian Basin - has been the...

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CLN24 : 74.61 (+0.73%)
NGN24 : 2.813 (+2.03%)
Brent Crude finished May at its lowest hedge hund position in the past 52 weeks. Platinum is very near its highest.

Brent Crude finished May at its lowest hedge fund positions for the past 52 weeks. On Tuesday the estimated fund positions dropped further to 115,727 long contracts and is now over 225,000 from the peak...

Crude Prices Settle Lower on Ample Supplies and Energy Demand Concerns

July WTI crude oil (CLN24 ) Tuesday closed down -0.97 (-1.31%), and July RBOB gasoline (RBN24 ) closed up +1.39 (+0.60%). Crude oil and gasoline prices on Tuesday settled mixed, with crude falling to a...

CLN24 : 74.61 (+0.73%)
RBN24 : 2.3650 (+0.48%)
DXY00 : 104.335 (+0.06%)
Nat-Gas Prices Retreat on Expectations Norwegian Gas Outage Will be Brief

July Nymex natural gas (NGN24 ) on Tuesday closed down sharply by -0.170 (-6.17%). July nat-gas prices Tuesday relinquished early gains and closed sharply lower on negative carryover from a slump in...

NGN24 : 2.813 (+2.03%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 2.6666
2nd Resistance Point 2.6308
1st Resistance Point 2.6044
Last Price 2.5780s
1st Support Level 2.5422
2nd Support Level 2.5064
3rd Support Level 2.4800

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52-Week High 3.1432
Fibonacci 61.8% 2.8020
Fibonacci 50% 2.6967
Fibonacci 38.2% 2.5913
Last Price 2.5780s
52-Week Low 2.2501

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