Gasoline RBOB Futures Market News and Commentary
September WTI crude oil (CLU21) on Friday closed up +0.33 (+0.45%), and September RBOB gasoline (RBU21) closed up +0.0096 (+0.41%).
Sep WTI crude oil and Sep RBOB gasoline prices on Friday closed moderately higher, with crude posting a new 2-week high and gasoline posting a new 6-3/4 year high. Better-than-expected global economic data on Friday signals strength in energy demand that is bullish for prices. Gains were limited after the dollar index recovered from a 1-month low Friday and moved higher. Also, crude prices were undercut on concern the worsening of the pandemic will lead to additional restrictions that curb economic activity and energy demand.
Friday's global economic data was supportive of energy demand and prices. U.S. Jun personal spending rose +1.0% m/m, stronger than expectations of +0.7% m/m. Also, the U.S. Jul MNI Chicago PMI unexpectedly rose +7.3 to 73.4, stronger than expectations of a decline to 64.2 and the fastest pace of expansion in 36-1/... Read more