Gasoline RBOB Futures Market News and Commentary
Jul WTI crude oil (CLN20) on Thursday closed up +0.12 (+0.32%) at $37.41, Aug Brent crude oil (CBQ20) closed up +0.20 (+0.48%) at $39.99, and Jul RBOB gasoline (RBN20) closed up +0.0297 (+2.65%).
The energy complex on Thursday shook off early losses and closed higher with RBOB gasoline at a 2-3/4 month high. Crude prices gained after the dollar index tumbled to a 2-1/2 month low and after Saudi Arabia and Russia said they have reached a preliminary deal to extend crude output cuts for an extra month through July. Oil and gasoline prices also found support on concerns about Tropical Storm Cristobal as it heads toward the U.S. Gulf Coast, potentially causing disruptions for Gulf oil rigs and tanker deliveries in Gulf ports, along with disruptions at Gulf coast refineries where 45% of the total U.S. gasoline refining capacity is located.
Crude prices initially opened lower Thursday on concern OPEC+ lacks the unity to extend its crude production cuts. Saudi Arabia and Russ... Read more