Gasoline RBOB Futures Market News and Commentary
May WTI crude oil (CLK21) this morning is up +0.45 (+0.75%), and May RBOB gasoline (RBK21) is up +0.26 (+0.13%).
Crude oil and gasoline prices this morning are moving higher on dollar weakness as the dollar index fell to a 3-week low. Crude prices also found support after OPEC today raised its global 2021 crude demand forecast. Gains in crude were limited by concern the economic recovery may be delayed after U.S. health officials called for a pause in the use of Johnson & Johnson's Covid vaccine.
Crude oil prices rose today after OPEC in its monthly report raised its global 2021 crude demand forecast by +190,000 bpd to 96.46 million bpd.
Today's global economic data was mixed for fuel demand and crude prices. On the positive side, China's domestic consumption increased after China Mar imports rose +38.1% y/y, stronger than expectations of +24.4% y/y and the most in 4 years. On the negative side, the German Apr ZEW survey expectations of ec... Read more