Gasoline RBOB Futures Market News and Commentary
Mar WTI crude oil (CLH20) on Monday closed down -1.05 (-1.94%), Mar Brent crude oil (CBH20) closed down -1.37 (-2.30%), and Mar RBOB gasoline (RBH20) closed down -0.0152 (-1.10%).
The energy complex on Monday sold off for a fourth session with Mar WTI crude at a 3-1/2 month low, Mar Brent crude at a 3-month low, Mar RBOB gasoline at a 4-1/2 month low, and nearest-futures Feb gasoline at an 11-month low. Energy prices retreated on concern that the spread of the deadly Chinese coronavirus will undercut global economic growth and energy demand. The latest data show 2,744 confirmed cases of the virus and at least 80 deaths. Mainland China accounts for 98% of confirmed global infections but the virus has spread to more than 12 other countries. Also, China announced an extension of its Lunar New Year holiday until Feb 2 from Jan 30 help battle the spread of the virus, which may diminish energy demand further as Chinese businesses remain closed an additional three days.
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