Gasoline RBOB Nov '20 (RBX20)
Gasoline RBOB Futures Market News and Commentary
Jan WTI crude oil (CLF21) on Monday closed down -0.31 (-0.67%), Jan Brent crude oil (CBF21) closed down -0.59 (-1.22%), and Jan RBOB gasoline (RBF21) closed down -0.0135 (-0.95%).
The energy complex on Monday posted moderate losses after OPEC+ ministers on Sunday could not reach an agreement on whether to delay a scheduled January crude output increase. Crude oil prices saw underlying support from Covid vaccine optimism and strength in Chinese economic data.
Crude oil prices are being undercut by concern that OPEC+ may lack the support to delay a scheduled crude production increase. OPEC+ ministers are meeting this Monday and Tuesday and are pursuing a plan to delay an expected crude production increase in January. Some members, including Saudi Arabia, are concerned that global energy markets remain too weak to absorb additional barrels of crude, while other members, including the UAE, want to sell more crude. Crude prices last week rallied to an 8-3/... Read more
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