Gasoline RBOB Futures Market News and Commentary
Apr WTI crude oil (CLJ20) on Monday closed down -1.95 (-3.65%), Apr Brent crude oil (CBH20) closed down -2.20 (-3.78%), and Apr RBOB gasoline (RBJ20) closed down -0.0480 (-2.73%).
The energy complex sold off sharply Monday to 1-1/2 week lows on concern the spread of the China coronavirus outside of China will decimate energy demand. Confirmed cases of the virus are now reported at 79,440 in more than 30 countries and have caused 2,624 deaths.
G-20 finance ministers meeting over the weekend in Saudi Arabia warned that they see downside risks to global growth persisting as the coronavirus raises economic uncertainty and disrupts supply chains.
Monday's plunge in global equity markets was also bearish for crude oil as the slump in stocks reduces confidence in the economic outlook and energy demand.
Monday's global economic data was mixed for economic growth and energy demand. The German Feb IFO business climate unexpectedly rose +0.1 to 96.1, stronger than e... Read more