Gasoline RBOB Futures Market News and Commentary
Nov WTI crude oil (CLX22) on Friday closed up +4.19 (+4.74%), and Nov RBOB gasoline (RBX22) closed up +5.32 (+1.98%).
Crude oil and gasoline prices Friday's rallied sharply and posted 5-week highs. Crude prices Friday extended this week's rally on carry-over support from Wednesday when OPEC+ cut its crude production target by a larger than expected -2.0 million bpd, fueling concerns about tighter global supplies. Gains in crude accelerated Friday after India reported an increase in its oil products consumption.
Crude oil prices rallied sharply this week after OPEC+ Wednesday agreed to cut its collective output by -2.0 million bpd for November and December, a bigger cut than expectations of -1.0 million bpd. Saudi Arabia's energy minister said the real-world impact of the crude production cuts would likely be around 1 million to 1.1 million bpd from November, given some members are already pumping well below their quotas.
Stronger crude demand in India, the wor... Read more