Gasoline RBOB Futures Market News and Commentary
Dec WTI crude oil (CLZ20) on Wednesday closed down -1.67 (-4.00%), Dec Brent crude oil (CBZ20) closed down -1.43 (-3.30%), and Dec RBOB gasoline (RBZ20) closed down -0.0454 (-3.87%).
The energy complex on Wednesday sold off sharply, with RBOB gasoline falling to a 2-week low. Signs of anemic fuel demand, along with an unexpected increase in EIA gasoline supplies, pressured the energy complex on Wednesday. Crude prices also fell on concern that the worsening of the Covid pandemic will lead to additional stay-at-home measures that curtail economic growth and energy demand. A positive factor for energy prices Wednesday was a slump in the dollar index to a 1-1/2 month low.
JBC Energy on Wednesday cut its global 2020 crude demand outlook, citing a persistent lack of recovery in U.S. gasoline demand. JBC now estimates global crude demand will fall by -8.7 million bpd on a y/y basis in 2020, about -500,000 bpd lower than a previous assessment.
Slack U.S. gasoline deman... Read more