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Gasoline RBOB Aug '23 (RBQ23)

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Gasoline RBOB Futures Market News and Commentary

Crude Prices Settle Higher as the Dollar Weakens and EIA Inventories Decline

June WTI crude oil (CLM24) on Wednesday closed up +0.61 (+0.78%), and June RBOB gasoline (RBM24) closed up +3.72 (+1.51%).

Crude oil and gasoline prices rebounded Wednesday from 2-1/2 month lows and finished moderately higher.  Crude prices initially moved lower after the IEA cut its 2024 global crude demand forecast.  However, prices recovered their losses and pushed into positive territory after the dollar index fell to a 5-week low and weekly EIA crude inventories fell more than expected.

In a bearish factor for crude oil prices, the International Energy Agency (IEA) on Wednesday cut its 2024 global fuel consumption estimate to 1.1 million bpd, down -140,000 bpd from an April forecast.

A negative factor for crude prices is concern that some OPEC+ members want to boost their crude production levels, which may lead to infighting among the group when it meets on June 1.  Bloomberg reported Tuesday that the UAE, Iraq, Algeria, and Kazakhstan aim to boost their produ... 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
$7,705/7,005
First Notice Date
08/02/23
Expiration Date
07/31/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
194,414 (+9,411)
256,921 (-7,441)
Non-Commercials - Long / Short
95,412 (-16,827)
42,898 (-1,863)
Producers - Long / Short
127,085 (+6,147)
220,928 (-2,734)
Swap Dealers - Long / Short
52,409 (+562)
21,073 (-7,409)
Managed Money - Long / Short
76,882 (-19,931)
28,125 (-1,145)
Other Reportables - Long / Short
18,530 (+3,104)
14,773 (-718)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
2.4605 +19.04%
on 07/03/23
2.9960 -2.24%
on 07/28/23
+0.3841 (+15.09%)
since 06/30/23
3-Month
2.1794 +34.39%
on 05/04/23
2.9960 -2.24%
on 07/28/23
+0.4845 (+19.82%)
since 04/28/23
52-Week
2.1794 +34.39%
on 05/04/23
2.9960 -2.24%
on 07/28/23
+0.2906 (+11.01%)
since 07/29/22

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NGN24 : 2.619 (-0.46%)
Crude Prices Settle Higher as the Dollar Weakens and EIA Inventories Decline

June WTI crude oil (CLM24 ) on Wednesday closed up +0.61 (+0.78%), and June RBOB gasoline (RBM24 ) closed up +3.72 (+1.51%). Crude oil and gasoline prices rebounded Wednesday from 2-1/2 month lows and...

CLN24 : 77.88 (-0.36%)
RBN24 : 2.4940 (+0.32%)
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Crude Recovers Early Losses on Dollar Weakness and a Fall in EIA Inventories

June WTI crude oil (CLM24 ) today is up +0.11 (+0.14%), and June RBOB gasoline (RBM24 ) is up +2.53 (+1.03%). Crude oil and gasoline prices rebounded from 2-1/2 month lows and are slightly higher. Crude...

CLN24 : 77.88 (-0.36%)
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Concern About Possible Higher OPEC+ Crude Production Weighs on Crude Prices

June WTI crude oil (CLM24 ) on Tuesday closed down -1.10 (-1.39%), and June RBOB gasoline (RBM24 ) closed down -5.09 (-2.03%). Crude oil and gasoline prices closed moderately lower Tuesday, with gasoline...

CLN24 : 77.88 (-0.36%)
RBN24 : 2.4940 (+0.32%)
DXY00 : 104.374 (+0.03%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 2.9824
2nd Resistance Point 2.9651
1st Resistance Point 2.9471
Last Price 2.9290s
1st Support Level 2.9118
2nd Support Level 2.8945
3rd Support Level 2.8765

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52-Week High 2.9960
Last Price 2.9290s
Fibonacci 61.8% 2.6841
Fibonacci 50% 2.5877
Fibonacci 38.2% 2.4913
52-Week Low 2.1794

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