Gasoline RBOB Futures Market News and Commentary
Dec WTI crude oil (CLZ19) on Thursday closed down by -0.35 (-0.61%), Jan Brent crude oil (CBF20) closed down -0.09 (-0.13%), and Dec RBOB gasoline (RBZ19) closed down by -0.207 (-1.26%).
The energy complex closed lower Thursday on trade uncertainty, global growth concerns, and a larger-than-expected build in weekly EIA crude inventories.
Trade uncertainty between the U.S. and China is negative for economic growth and energy demand prospects after China's Commerce Ministry said on Thursday that removing existing tariffs was an important condition for any trade deal. Also, Bloomberg reported Thursday that a U.S. demand that China detail how it plans to reach $50 billion in agricultural imports annually has become a sticking point in negotiations on a phase one trade deal.
Global growth concerns also weighed on crude prices after Thursday's China Oct industrial production rose +4.7% y/y, weaker than expectations of +5.4% y/y. Also, Japan's Q3 GDP rose by only +0.2%... Read more