Gasoline RBOB Futures Market News and Commentary
May WTI crude oil (CLK20) on Monday closed down -1.42 (-6.60%), May Brent crude oil (CBK20) closed down -2.17 (-8.96%), and May RBOB gasoline (RBK20) closed up +0.0032 (+0.52%).
Crude oil prices on Monday settled sharply lower with WTI crude posting an 18-3/4 year low and Brent crude falling to an 18-year low. Crude oil prices were undercut by a stronger dollar, demand concerns, and the onslaught of supply from Saudi Arabia.
The coronavirus continues to spread at a pace that is forcing massive shutdowns of economic activity across the globe, which has decimated energy demand and helped cause the plunge in energy prices. Confirmed cases of the virus have risen globally to more than 769,000 with deaths exceeding 36,000.
On Sunday, President Trump said he would not try to restart U.S. activity by Easter weekend and instead said that Americans will need to practice "social distancing" until at least April 30. The extended lockdown will further curtail economic activ... Read more