Gasoline RBOB Jan '19 (RBF19)Get Real-Time Futures
cmdty Insider - Gasoline RBOB Market Commentary
Dec WTI crude oil (CLZ18) this morning is down -$0.57 per barrel and Jan Brent crude (CBF19) is down -$0.69 (-1.03%). Dec RBOB gasoline (RBZ18) is down -1.99 cents a gallon (-1.26%). The energy complex is lower this morning on comments from Russian Energy Minister Novak who said oil producers need to "better understand both the current conditions and the winter outlook" before agreeing to a supply cut. OPEC oil ministers are scheduled to meet in Vienna on Dec 6, with non-OPEC producers scheduled to join them the following day. Today's comments by Mr. Novak dampened the chances that OPEC+ will agree to a major production cut for 2019. Also, IEA Executive Director Fatih Birol today warned that OPEC and its allies against the impact of resuming supply cuts when he said, "markets are now very well supplied but we should not forget that spare capacity in Saudi Arabia is very thin, therefore cutting the production significantly today by key oil producers may have some negative implications for the markets and further tightening the markets." In addition, crude prices are still seeing negative pressure from last Friday's Baker Hughes report that active U.S. oil rigs rose by +2 rigs in the week ended Nov 16 to a 3-1/2 year high of 888 rigs. Losses in crude oil were limited as the dollar index has fallen to a 1-week low this morning.
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Dec WTI crude oil (CLZ18) this morning is down -$0.57 per barrel and Jan Brent crude (CBF19) is down -$0.69 (-1.03%). Dec RBOB gasoline (RBZ18) is down...
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