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Gasoline RBOB Sep '19 (RBU19)

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Gasoline RBOB Futures Market News and Commentary

Energy Complex Settles Lower on Escalation on U.S./China Trade Tensions

Oct WTI crude oil (CLV19) on Friday closed down -1.18 (-2.13%), Oct Brent crude oil (CBV19) closed down by -0.58 (-0.97%), and Oct RBOB gasoline (RBV19) closed down by -0.0192 (-1.24%). The energy complex sold-off Friday with Oct WTI crude at a 2-week low and Oct RBOB gasoline at a 1-week low as escalation of U.S./China trade tensions undercuts the prospects for economic growth and energy demand. Trade tensions intensified Friday after China's Ministry of Commerce said it will impose additional tariffs on $75 billion of U.S. goods in retaliation for U.S. tariffs on Chinese goods with some of the tariffs starting Sep 1 and the rest on Dec 15. Escalation of trade tensions sent the yuan down to a new 11-1/4 year low Friday of 7.1017 yuan/USD. Crude prices recovered some of their losses Friday after the dollar index fell to a 1-week low. Also, weekly data from Baker Hughes Friday was bullish for crude as the data showed active U.S. oil rigs in the week ended Aug 23 fell -16 to 754, a 1-1/2 year low. Friday's U.S. economic data was bearish for energy prices after Jul new home sales unexpectedly fell -12.8% to 635,000, weaker than expectations of +0.2% to 647,000. Comments from Fed Chair Powell Friday were supportive for crude when he said the Fed "will act as appropriate to sustain the expansion," which signals he may favor additional rate cuts to boost economic growth that would be positive for energy demand. Wednesday’s EIA data showed that U.S. crude oil inventories as of Aug 16 were +3.4% above the seasonal 5-year average, gasoline inventories were +4.2% above the 5-year average, and distillate inventories were -1.7% below the 5-year average. U.S. crude production was unchanged at 12.3 million bpd in the week of Aug 16, which was just slightly below May's record high of 12.4 million bpd. Big Picture Crude Oil Market Factors: Bullish factors include (1) the agreement by OPEC+ to extend its production cut agreement by 9 months until March 2020, (2) the -130,000 bpd decline in OPEC July crude production to a 5-1/2 year low of 29.87 million bpd, (3) heightened Persian Gulf tensions, and (4) 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) the recent rally in the dollar index to a 2-year high, (2) global trade tensions that may drag global growth and energy demand lower, (3) the recent surge in U.S. oil production to a record high of 12.4 million bpd, and (4) ample current supplies with U.S. crude oil inventories +3.4% 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
$4,950/4,500
First Notice Date
09/04/19 (10 days)
Expiration Date
08/30/19 (5 days)

Seasonal Chart

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

Commitment of Traders Positions as of Aug 20, 2019

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Commercials - Long / Short
189,507 (-6,970)
251,162 (-10,193)
Non-Commercials - Long / Short
116,916 (-5,151)
57,249 (-2,853)
Producers - Long / Short
123,113 (-6,305)
208,738 (-9,494)
Swap Dealers - Long / Short
45,126 (-376)
21,156 (-410)
Managed Money - Long / Short
74,836 (-4,512)
13,708 (+669)
Other Reportables - Long / Short
42,080 (-639)
43,541 (-3,522)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
1.6111 +1.97%
on 08/07/19
1.8770 -12.48%
on 07/31/19
-0.1712 (-9.44%)
since 07/23/19
3-Month
1.6052 +2.34%
on 06/05/19
1.9713 -16.66%
on 07/11/19
-0.1785 (-9.80%)
since 05/23/19
52-Week
1.4129 +16.27%
on 12/26/18
2.2597 -27.30%
on 10/03/18
-0.3787 (-18.73%)
since 08/23/18

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Most Recent Stories

More News
Energy Complex Settles Lower on Escalation on U.S./China Trade Tensions

Oct WTI crude oil (CLV19) on Friday closed down -1.18 (-2.13%), Oct Brent crude oil (CBV19) closed down by -0.58 (-0.97%), and Oct RBOB gasoline (RBV19) closed down by -0.0192 (-1.24%). The energy complex...

Natural Gas Prices Close at a 1-Week Low on Ample Supply

Sep Nymex natural gas (NGU19) on Friday closed down by -0.007 (-0.32%). Nat-gas prices fell to a 1-week low Friday on ramped up U.S. nat-gas output along with negative carry-over from Thursday's weekly...

The Bulls Still Appear Short of Breath. And Quote a Lot So.

It turned out that the oil bulls havent had much success yesterday either. And today isnt shaping up to be a much better day for them either. Yet, they have taken black gold higher from its daily lows...

Energy Complex Falls on Escalation on U.S./China Trade Tensions

Oct WTI crude oil (CLV19) this morning is down -0.73 (-1.32%), Oct Brent crude oil (CBV19) is down by -0.21 (-0.35%), and Oct RBOB gasoline (RBV19) is down by -0.0068 (-0.44%). The energy complex is moving...

Natural Gas Prices Drop to a 1-Week Low on Ample Supply

Sep Nymex natural gas (NGU19) this morning is down by -0.005 (-0.19%). Nat-gas prices fell to a 1-week low today on ramped up U.S. nat-gas output along with negative carry-over from Thursday's weekly EIA...

Home Runs DO Exist! – RBOB Seasonal Window CLOSES – August 22, 2019

See the seasonal explanation and technical analysis for the profitable trade in the RBOB Seasonal Spread from The Seasonal Spread Trader newsletter.

Powell at the Bat - Blue Line Morning Express

ES, NQ, Crude, Gold. Actionable research out early each morning to brokerage clients with full technicals.

Crude Oil - 53.0/52.0 Region Exepcted! (Elliott Wave)

Crude oil made a sharp, intra-day drop, down from the 56.60 area which can now be part of a higher degree wave C of a bigger zig-zag correction.

Rocky Range. The Energy Report 08/23/19

Oil prices have entered the rocky ranges. Trapped in a world of wild moves but still getting nowhere, as it appeared lost in a range [...]

Neutral Bias = Mixed Day

Yesterday we gave the markets a Neutral Bias as we didn't see much in the way of correlation. Will this change today? Read on to learn more...

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 88% Sell with a Strongest short term outlook on maintaining the current direction.

Longer term, the trend strength is Good. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 1.6943
1st Resistance Point 1.6686
Last Price 1.6428s
1st Support Level 1.6193
2nd Support Level 1.5957

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52-Week High 2.2597
Fibonacci 61.8% 1.9362
Fibonacci 50% 1.8363
Fibonacci 38.2% 1.7364
Last Price 1.6428s
52-Week Low 1.4129

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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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