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Gasoline RBOB Jun '19 (RBM19)

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Gasoline RBOB Futures Market News and Commentary

Energy Complex Closes Higher on Dollar Weakness and a Drop in Active U.S. Oil Rigs

July WTI crude oil (CLN19) on Friday closed up by +0.72 (+1.24%) and July Brent crude oil (CBN19) closed up by +0.93 (+1.37%). July RBOB gasoline (RBN19) closed up by +0.0222 (+1.17%). The energy complex on Friday recovered somewhat from Thursday's plunge after the dollar index fell to a 1-week low. Energy prices extended their gains Friday in afternoon trade after weekly data from Baker Hughes showed active U.S. oil rigs fell by -5 rigs in the week ended May 24 to 797 rigs, the fewest in 14-1/2 months. On the negative side was Friday's weaker-than-expected U.S. economic data that was negative for energy demand. The Apr durable goods orders report of -2.1% and unchanged ex-transportation was slightly weaker than expectations of -2.0% and +0.1% ex-transportation. Jul WTI crude on Thursday dropped to a 2-1/4 month low and July Brent crude and Jul RBOB gasoline fell to 1-3/4 month lows on demand concerns caused by the worsening of the US/Chinese trade conflict, which is likely to undercut energy demand by the world's two largest oil consumers. Also, Wednesday's weekly EIA report was negative as it showed U.S. crude inventories jumped +4.75 million bbl in the week of May 17 to a 1-3/4 year high of 476.775 million bbl and U.S. crude production rose +0.8% in the week of May 17 to 12.2 million bpd, just below the April 26 record high of 12.3 million bpd. Crude prices on Monday rallied to a 3-week high on the outlook for OPEC+ to extend its crude production cuts past June after Saudi Energy Minister Khalid Al-Falih urged OPEC+ members at a meeting in Jeddah over the weekend to "stay the course" on crude oil output cuts. Wednesday's EIA data showed that U.S. crude oil inventories as of May 17 were +4.9% above the 5-year average, gasoline inventories were -0.5% below the 5-year average, and distillate inventories were -3.7% below the 5-year average. Big Picture Crude Oil Market Factors: Bullish factors include (1) the agreement by OPEC+ on Dec 7 to cut crude oil production by 1.2 million bpd for the first six months of 2019 (800,000 bpd for OPEC members), which should soak up much of the expected 2019 global oil surplus, (2) the -295,000 bpd decline in OPEC Mar crude production to a 4-year low of 30.385 million bpd, (3) the Trump administration's announcement that the U.S. will not renew waivers that let countries buy Iranian oil without facing U.S. sanctions, (4) heightened Iran tensions in the Middle East after attacks on Saudi Arabia's ships and facilities and the U.S. action to send a carrier group and bombers to the Middle East, and (5) the sharp drop in Iranian oil production from U.S. sanctions and in Venezuela oil production from U.S. sanctions and the economic crisis. Bearish factors include (1) stalled U.S./China trade talks that cause concern the ongoing U.S./China trade conflict will drag global growth and energy demand lower, (2) a rally in the dollar index to a 2-year high, (3) the recent surge in U.S. oil production to a record high of 12.3 million bpd although production, and (4) ample current supplies with U.S. crude oil inventories as of May 17 at a 1-3/4 year high of 476.775 million bbl, +4.9% above the 5-year average.

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
$4,620/4,200
First Notice Date
06/04/19 (10 days)
Expiration Date
05/31/19 (6 days)

Seasonal Chart

Gasoline RBOB Jun '19
Average Price Chart for 5 Prior Jun Contracts

Commitment of Traders Positions as of May 21, 2019

View Chart Details
Commercials - Long / Short
185,550 (+4,529)
283,158 (+151)
Non-Commercials - Long / Short
146,182 (-5,558)
59,212 (-2,105)
Producers - Long / Short
112,802 (+4,605)
243,818 (+2,549)
Swap Dealers - Long / Short
49,285 (+1,064)
15,877 (-1,258)
Managed Money - Long / Short
106,049 (-5,279)
3,686 (+400)
Other Reportables - Long / Short
40,133 (-279)
55,526 (-2,505)
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Price Performance

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Period Period Low Period High Performance
1-Month
1.9002 +1.81%
on 05/23/19
2.0946 -7.64%
on 04/25/19
-0.1401 (-6.75%)
since 04/24/19
3-Month
1.7184 +12.58%
on 02/26/19
2.0969 -7.74%
on 04/22/19
+0.1478 (+8.27%)
since 02/22/19
52-Week
1.4374 +34.58%
on 12/26/18
2.3413 -17.37%
on 10/03/18
-0.2297 (-10.61%)
since 05/24/18

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Most Recent Stories

More News
Energy Complex Closes Higher on Dollar Weakness and a Drop in Active U.S. Oil Rigs

July WTI crude oil (CLN19) on Friday closed up by +0.72 (+1.24%) and July Brent crude oil (CBN19) closed up by +0.93 (+1.37%). July RBOB gasoline (RBN19) closed up by +0.0222 (+1.17%). The energy complex...

Natural Gas Prices Recover Early Losses and Close Higher on Dollar Weakness

June Nymex natural gas (NGM19) on Friday closed up by +0.020 (+0.78%). Jun nat-gas prices on Friday recovered from early losses and closed higher after a decline in the dollar index to a 1-week low sparked...

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Energy Complex Recovers as the Dollar Weakens

July WTI crude oil (CLN19) this morning is up by +0.37 (+0.64%) and July Brent crude oil (CBN19) is up by +0.42 (+0.62%). July RBOB gasoline (RBN19) is up by +0.0067 (+0.35%). The energy complex is recovering...

Natural Gas Prices Drop on Forecasts for Normal Temps to Move into the U.S. South

June Nymex natural gas (NGM19) this morning is down by -0.028 (-1.09%). Jun nat-gas prices this morning are moving lower on forecasts for normal temperatures to move into the U.S. South. The Commodity...

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June Nymex natural gas (NGM19) on Thursday closed up by +0.035 (+1.38%). Jun nat-gas prices moved higher Thursday after a smaller-than-expected build in weekly U.S. nat-gas supplies sparked a relief rally....

Energy Complex Plummets on Trade-War Concerns

July WTI crude oil (CLN19) on Thursday closed down by -3.51 (-5.71%) and July Brent crude oil (CBN19) closed down by -3.23 (-4.55%). July RBOB gasoline (RBN19) closed down by -0.0765 (-3.89%). The energy...

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% Sell with a Weakening 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 1.9762
1st Resistance Point 1.9554
Last Price 1.9345s
1st Support Level 1.9073
2nd Support Level 1.8800

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52-Week High 2.3413
Fibonacci 61.8% 1.9960
Last Price 1.9345s
Fibonacci 50% 1.8894
Fibonacci 38.2% 1.7827
52-Week Low 1.4374

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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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