Gasoline RBOB Futures Market News and Commentary
September WTI crude oil (CLU21) on Monday closed down -0.16 (-0.22%), and September RBOB gasoline (RBU21) closed up +0.0142 (+0.63%).
Sep WTI crude oil and Sep RBOB gasoline prices on Monday settled mixed, with RBOB gasoline posting a 1-1/2 week high. Crude oil prices fell back slightly Monday on concern the worldwide spread of the delta Covid variant will lead to new pandemic restrictions that curb economic activity and energy demand. A weaker dollar on Monday limited losses in energy prices.
Strength in the crack spread was a bullish factor for energy prices as the crack spread on Monday climbed to a 1-1/2 month high. A stronger crack spread encourages refiners to boost their crude purchases to refine the crude into gasoline.
Concerns about the worldwide spread of the delta Covid variant weighed on crude oil prices. New global Covid infections rose 3.729 million people the week ended July 25, the most in 2 months. Also, the 7-day average of new U.S. Covid... Read more