Gasoline RBOB Futures Market News and Commentary
Jan WTI crude oil (CLF21) on Friday closed +0.62 (+1.36%), Feb Brent crude oil (CBG21) closed up +0.54 (+1.10%), and Jan RBOB gasoline (RBF21) closed up +0.0068 (+0.54%).
The energy complex on Friday rallied to 9-month highs. A slump in the dollar index to a 2-1/2 year low on Friday boosted energy prices along with carry-over support from Thursday when OPEC+ approved a plan to keep a lid on crude production. Crude prices also saw support from the rise in the S&P 500 to a new all-time high, which bolstered confidence in the economic outlook and energy demand.
Crude oil prices on Friday extended Thursday's gains on carry-over support from the compromise by OPEC+ reached on Thursday where OPEC+ ministers agreed to add 500,000 bpd of crude production starting in January. Also, OPEC+ ministers agreed to hold monthly meetings to decide whether to approve similar-sized crude production increases in subsequent months.
Increased crude demand from Chi... Read more