Gasoline RBOB Futures Market News and Commentary
Jan WTI crude oil (CLF21) on Thursday closed up +0.36 (+0.80%), Feb Brent crude oil (CBG21) closed up +0.46 (+0.96%), and Jan RBOB gasoline (RBF21) closed up +0.0218 (+1.76%).
The energy complex on Thursday settled with moderate gains on a weaker dollar, along with an OPEC+ plan to keep a lid on crude production. Better-than-expected global economic data was also supportive for energy demand and crude prices.
Crude oil prices erased overnight losses and moved higher after OPEC+ minister agreed to add 500,000 bpd of crude production a month starting in January, below the scheduled increase of +1.9 million bpd a month. OPEC+ ministers will then hold monthly meetings to decide whether to approve similar-sized crude production increases in subsequent months.
A sell-off in the dollar index Thursday to a new 2-1/2 year low was supportive for the energy complex, along with the chance that U.S. lawmakers will be able to pass additional pandemic sti... Read more