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Gasoline RBOB May '23 (RBK23)
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Gasoline RBOB Futures Market News and Commentary

Crude Prices Tumble on Global Demand Concerns

July WTI crude oil (CLN23) on Tuesday closed down -3.21 (-4.42%), and July RBOB gasoline (RBN23) closed down -11.21 (-4.33%).  

Crude oil and gasoline prices Tuesday sold off sharply, with crude falling to a 2-week low and gasoline dropping to a 1-week low.  Crude oil prices fell on concern about global demand for crude oil.  Crude oil prices are also being undercut by expectations that OPEC+ will maintain current crude production levels when it meets later this week.

Signs of weakness in the physical market are undercutting crude prices after the June-July cash roll of WTI crude, which reflects crude supply balances at Cushing, the delivery point of WTI futures, dropped -29 cents per barrel, indicating lower demand for crude barrels being delivered in June than in July.

The lackluster recovery in China from its Covid Zero policy signals weaker-than-expected energy demand and is a bearish factor for crude prices.

A bearish factor for crude was Russian Deputy... Read more

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.) (Settles 1:30p.m.) CST
Exchange
NYMEX
Point Value
$42,000
Margin/Maintenance
$7,700/7,000
First Notice Date
05/02/23
Expiration Date
04/28/23 (expired)

Seasonal Chart

Gasoline RBOB May '23
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of May 23, 2023

View Chart Details
Commercials - Long / Short
146,997 (-4,330)
199,387 (+2,769)
Non-Commercials - Long / Short
84,611 (+11,222)
37,343 (+4,638)
Producers - Long / Short
96,398 (-6,183)
167,853 (-1,091)
Swap Dealers - Long / Short
37,093 (+1,230)
18,028 (+3,237)
Managed Money - Long / Short
69,084 (+10,608)
13,355 (-722)
Other Reportables - Long / Short
15,527 (+614)
23,988 (+5,360)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
2.5175 +2.40%
on 04/27/23
2.8943 -10.93%
on 04/12/23
-0.1025 (-3.82%)
since 03/28/23
3-Month
2.3626 +9.12%
on 03/16/23
2.8943 -10.93%
on 04/12/23
-0.1616 (-5.90%)
since 01/27/23
52-Week
2.2501 +14.57%
on 12/12/22
3.1432 -17.98%
on 06/14/22
-0.1641 (-5.98%)
since 04/28/22

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Crude Prices Tumble on Global Demand Concerns

July WTI crude oil (CLN23 ) on Tuesday closed down -3.21 (-4.42%), and July RBOB gasoline (RBN23 ) closed down -11.21 (-4.33%). Crude oil and gasoline prices Tuesday sold off sharply, with crude falling...

CLN23 : 68.66 (-1.15%)
RBN23 : 2.4583 (-0.84%)
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NGN23 : 2.313 (-0.60%)
Crude Prices Tumble on Global Demand Concerns

July WTI crude oil (CLN23 ) this morning is down -2.92 (-4.02%), and July RBOB gasoline (RBN23 ) is down -10.93 (-4.22%). July Nymex natural gas (NGN23 ) is down -0.124 (-5.13%). Crude oil and gasoline...

CLN23 : 68.66 (-1.15%)
RBN23 : 2.4583 (-0.84%)
NGN23 : 2.313 (-0.60%)
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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 2.6666
2nd Resistance Point 2.6308
1st Resistance Point 2.6044
Last Price 2.5780s
1st Support Level 2.5422
2nd Support Level 2.5064
3rd Support Level 2.4800

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52-Week High 3.1432
Fibonacci 61.8% 2.8020
Fibonacci 50% 2.6967
Fibonacci 38.2% 2.5913
Last Price 2.5780s
52-Week Low 2.2501

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