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Gasoline RBOB Dec '17 (RBZ17)

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Gasoline RBOB Futures Market News and Commentary

Crude Oil Shows Continued Weakness on Economic Growth Concerns

May WTI crude oil (CLK19) this morning is down -0.33 at 58.71 (-0.59%) and May Brent crude (CBJ19) is down -0.32 at 66.71 (-0.43%). May RBOB gasoline (RBK19) is down -0.0177 (-0.94%). May WTI crude oil prices are moderately lower this morning and have extended last Friday's sharp drop of -1.57% that was sparked by weak economic data and Friday's sharp sell-off in U.S. and European stocks. Crude oil prices last Friday were also hurt by increased recession talk after the 3-month/10-year Treasury yield curve spread turned negative for the first time since 2007. Crude oil prices are currently seeing some support from the closure of the Houston Ship Channel due to the cloud of benzene and liquid runoff from the petrochemical storage fire in Houston. Crude oil prices today have some carry-over support from last Friday's news from Baker Hughes that the number of active U.S. oil rigs in the week ended March 22 fell by -9 rigs to an 11-month low of 824 rigs. There is also carry-over support from last Wednesday's big -9.59 million bbl decline in U.S. crude oil inventories and -4.587 million bbl decline in gasoline inventories. In some mildly bearish news, OPEC+ is following through with last week's decision to cancel its April meeting. The next meeting will not be until June 25-26. Russia insisted on a delay until June about the decision on whether to extend the 1H OPEC+ production cuts into 2H, raising some concerns about whether Russia is committed to fully extending its production cut into 2H. On the positive side, however, Saudi Arabian Energy Minister Khalid Al-Falih said last week that the compliance of OPEC+ members with their production cuts will easily exceed 100 percent in March.
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