Gasoline RBOB Futures Market News and Commentary
Jan WTI crude oil (CLF20) on Friday closed up +0.89 (+1.50%), Feb Brent crude oil (CBG20) closed up +1.03 (+1.55%), and Jan RBOB gasoline (RBF20) closed up +0.0349 (+2.14%).
The energy complex rallied Friday with crude oil prices at a 2-3/4 month high and Jan RBOB gasoline at a 3-week high due to a weak dollar and a trade deal between China and the U.S.
U.S. stock indexes climbed to new record highs Friday after China Vice Commerce Minister Wang Shouwen confirmed that China and the U.S. agreed on the text of a phase one trade deal, which will reportedly see removal of tariffs on Chinese goods in stages. The rally in stocks shows confidence in the economic outlook and is positive for energy demand.
The energy complex has also found support on a weaker dollar as the dollar index fell -0.21% Friday and is just above Thursday’s 5-1/2 month low.
Friday’s U.S. economic data was negative for growth prospects and energy demand after Nov retail sales rose by only... Read more