Gasoline RBOB Futures Market News and Commentary
Mar WTI crude oil (CLH20) on Wednesday closed up +1.24 (+2.38%), Apr Brent crude oil (CBH20) closed up +1.37 (+2.40%), and Mar RBOB gasoline (RBH20) closed up +0.0485 (+3.00%).
The energy complex moved sharply higher Wednesday with crude oil at a 3-week high and gasoline at a 4-week high. The energy complex rallied on concern about supply disruptions after the U.S. on Tuesday sanctioned Russia's largest oil producer and after Libyan oil output plunged.
Crude exports from Libya have plunged after rebels attacked Libya's oil export terminals. Libya's crude oil production has dropped to a negligible 123,000 bpd from 1.2 million bpd in mid-January.
Crude oil prices are also received a boost from Chinese stimulus measures that may revive economic growth and energy demand. The Chinese government is considering measures such as direct cash injections and mergers to bail out some of China's biggest airlines, which are controlled by the state, as global carriers have sto... Read more