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Gasoline RBOB Mar '18 (RBH18)

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cmdty Insider - Gasoline RBOB Market Commentary


Dec WTI crude oil (CLZ18) on Tuesday closed with an extraordinarily steep loss of -$4.24 (-7.07%) per barrel and Jan Brent crude (CBF19) similarly closed down -$4.65 (-6.65%). Dec RBOB gasoline (RBZ18) closed down -9.40 cents a gallon (-5.74%). The energy complex sold off sharply Tuesday as Dec WTI crude oil slumped to a 10-3/4 month low, Jan Brent crude fell to a 7-month low, and Dec RBOB gasoline fell to a 13-month low on oversupply concerns and weak demand. Crude prices opened lower on carry-over weakness from President Trump's tweet late Monday that crude "should be much lower based on supply" and his explicit pressure on Saudi Arabia and OPEC to keep the oil spigot open and not cut production. Crude oil prices also saw continued weakness as Russia at the weekend OPEC+ meeting delayed a decision on whether it will support OPEC+ production cuts in 2019. Losses in crude then accelerated after OPEC in its monthly report cut its 2019 global crude demand for OPEC crude to 31.5 million bpd, down 500,000 bpd from its forecast in Sep and about 1.4 million bpd below its current production level. The outlook for increased crude supplies is also weighing on the energy complex as Wednesday's weekly EIA report is expected to show that U.S. oil inventories will climb +3.0 million bbl, the eighth consecutive weekly increase. U.S. crude oil inventories are currently 3.1% above the 5-year seasonal average, the highest such level since February.

Contract Specifications

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Contract
Gasoline Blendstock New York Harbor [RBOB]
Contract Size
42,000 gallons
Tick Size
$0.0001 (0.01 cent) per gallon ($4.20 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 8:00a.m. - 1:30p.m.) CST
Exchange
NYMEX
Point Value
$42,000
Margin/Maintenance
$4,180/3,800
First Notice Date
03/02/18
Expiration Date
02/28/18 (expired)

Seasonal Chart

Gasoline RBOB Mar '18
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Nov 6, 2018

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Commercials - Long / Short
173,204 (+7,100)
260,848 (+4,014)
Non-Commercials - Long / Short
137,668 (-732)
51,358 (+1,032)
Producers - Long / Short
99,525 (+6,890)
224,805 (+3,722)
Swap Dealers - Long / Short
45,426 (-1,077)
7,790 (-995)
Managed Money - Long / Short
82,025 (+226)
24,677 (+5,301)
Other Reportables - Long / Short
55,643 (-958)
26,681 (-4,269)
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Price Performance

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Period Period Low Period High Performance
1-Month
1.6519 +6.40%
on 02/13/18
1.9367 -9.24%
on 01/29/18
-0.1686 (-8.75%)
since 01/26/18
3-Month
1.6519 +6.40%
on 02/13/18
1.9393 -9.36%
on 01/26/18
-0.0327 (-1.83%)
since 11/28/17
52-Week
1.2997 +35.24%
on 06/21/17
1.9393 -9.36%
on 01/26/18
+0.2200 (+14.31%)
since 02/28/17

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Most Recent Stories

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Crude and Gasoline Market Commentary

Dec WTI crude oil (CLZ18) on Tuesday closed with an extraordinarily steep loss of -$4.24 (-7.07%) per barrel and Jan Brent crude (CBF19) similarly closed down -$4.65 (-6.65%). Dec RBOB gasoline (RBZ18)...

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Crude and Gasoline Market Commentary

Dec WTI crude oil (CLZ18) this morning is down -$1.14 (-1.63%) per barrel and Jan Brent crude (CBF19) is down -$1.10 (-1.57%). Dec RBOB gasoline (RBZ18) is down -3.14 cents a gallon (-1.92%). Dec WTI...

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 24% Sell with a Strongest short term outlook on maintaining the current direction.

Longer term, the trend strength is Minimum.

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Key Turning Points

2nd Resistance Point 1.8338
1st Resistance Point 1.7958
Last Price 1.7577s
1st Support Level 1.7255
2nd Support Level 1.6932

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52-Week High 1.9393
Last Price 1.7577s
Fibonacci 61.8% 1.6950
Fibonacci 50% 1.6195
Fibonacci 38.2% 1.5440
52-Week Low 1.2997

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