Gasoline RBOB Apr '20 (RBJ20)
Gasoline RBOB Futures Market News and Commentary
September WTI crude oil (CLU26) closed up +2.10 (+2.55%) on Monday, and September RBOB gasoline (RBU26) closed up +0.0860 (+2.70%).
Crude oil and gasoline prices rallied to 3-week highs on Monday and settled sharply higher. Concerns that the US-Iran war will remain unresolved and keep Middle East oil supplies limited are boosting crude prices. Monday’s fall in the dollar index ($DXY) to a 2.25-month low also supported gains in energy prices.
Crude prices jumped on Monday when US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying the US has no plans for de-escalation of the conflict, potentially limiting crude supplied from the Middle East.
Crude prices also have support amid fresh Israeli attacks on Iran-backed Hezbollah in Lebanon, dampening the prospects of ending hostilities in the Middle East and a quick reopening of the Strait of Hormuz. In addition, Israel has struck Iran-backed Hamas in Gaza, the Yemen- based Houth... Read more
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