Gasoline RBOB Futures Market News and Commentary
Feb WTI crude oil (CLG21) on Friday closed down -1.21 (-2.26%), and Feb RBOB gasoline (RBG21) closed down -2.55 (-1.64%).
Crude oil and gasoline prices on Friday posted moderate losses. A rally in the dollar index to a 3-1/2 week high Friday undercut energy prices along with weak U.S. economic data that was negative for energy demand. Also, news that governments are tightening and extending Covid restrictions is bearish for economic growth and fuel demand.
Crude prices were also under pressure Friday on doubts about President-elect Biden's $1.9 trillion pandemic stimulus package. The markets are concerned that Biden's proposals will be watered down by Congressional opposition and that the final version of the stimulus may be well below the initial $1.9 trillion figure.
Friday's weaker-than-expected U.S. economic data was negative for energy demand and crude prices. U.S. Dec retail sales fell -0.7% m/m and -1.4% m/m ex-autos, much weaker t... Read more