Gasoline RBOB Futures Market News and Commentary
May WTI crude oil (CLK20) on Friday closed down -1.09 (-4.82%), May Brent crude oil (CBK20) closed down -1.41 (-5.34%), and May RBOB gasoline (RBK20) closed up +0.0156 (+2.61%).
The energy complex on Friday settled mixed with Brent crude at a 16-3/4 year low. Crude prices sold off Friday on signs that there is no end in sight to the price war between Russia and Saudi Arabia. Russian deputy oil minister Sorokin on Friday said that OPEC+ alone cannot fix the oil market and "many more countries should participate in rebalancing." Mr. Sorokin also said that crude oil at $25 a barrel is "unpleasant" for Russia but isn't a catastrophe.
The Saudi Energy Ministry said Friday that it hasn't had any contacts with Moscow about oil production cuts, which dashed hopes there might be some diplomatic outreach in progress between Saudi Arabia and Russia.
Crude oil prices also retreated on Friday's comments from Dallas Fed President Kaplan who said we've got a "dramatic oversupp... Read more