Gasoline RBOB Futures Market News and Commentary
Nov WTI crude oil (CLX22) this morning is down -0.91 (-1.12%), and Nov RBOB gasoline (RBX22) is -2.81 (-1.17%). Nov Nymex natural gas (NGX22) is up by +0.104 (+1.51%).
Crude oil and gasoline prices this morning are moderately lower on fears about a global economic slowdown that would reduce energy demand.
Crude oil prices are seeing underlying support today from a weaker dollar and the possibility of reduced OPEC+ production. The market is expecting that OPEC+, at its meeting next Wednesday (Oct 5), will agree to cut its crude production by at least 500,000 bpd in an attempt to shore up prices. RBC Capital Markets said OPEC+ might cut its crude output by as much as 1.0 million bpd.
Nov nat-gas prices this morning are moderately higher on forecasts for colder U.S. temperatures that would boost heating demand for nat-gas. The Commodity Weather Group today said the U.S. Midwest and East would face below-normal temperatures from October 5-9. Gains in nat-gas wer... Read more