Gasoline RBOB Futures Market News and Commentary
ov WTI crude oil (CLX20) on Thursday closed up +38 (+0.95%), Nov Brent crude oil (CBX20) closed up +0.17 (+0.38%), and Nov RBOB gasoline (RBX20) closed up +0.0154 (+1.33%).
The energy complex on Thursday recovered from modest losses and moved higher as it tracked a rebound in U.S. stock indexes and a decline in the dollar. Crude prices initially moved lower Thursday morning after the dollar index climbed to a 2-month high and on demand concerns after the International Energy Agency (IEA) cautioned that the oil market is "not out of the woods yet" on demand.
Thursday's U.S. economic data was mixed for growth prospects and energy demand. U.S. weekly initial unemployment claims unexpectedly rose +4,000 to 870,000, showing a weaker labor market than expectations of a decline to 840,000. Conversely, Aug new home sales unexpectedly rose +4.8% m/m to a 14-year high of 1.011 million, stronger than expectations for a decline to 890,000.
Global crude demand concerns are b... Read more