Gasoline RBOB Futures Market News and Commentary
Aug WTI crude oil (CLQ20) on Thursday closed down -1.28 (-3.13%) at $39.62, Sep Brent crude oil (CBU20) closed down -0.94 (-2.10%) at $42.35, and Aug RBOB gasoline (RBQ20) closed down -0.0404 (-3.13%).
The energy complex on Thursday settled sharply lower. A rebound in the dollar index on Thursday weighed on crude prices, along with weakness in stocks on ramped-up U.S./China tensions. Also, crude oil prices are being undercut by concern that U.S. energy demand will remain weak as states delay reopening their economies due to a resurgence of coronavirus infections.
U.S. stocks indexes retreated on Thursday, which undercuts confidence in the economic outlook and energy demand. Stocks fell on increased U.S./China tensions after Reuters reported the U.S. is finalizing a federal contract ban for companies using products from China's Huawei Technologies.
The outlook for slower fuel demand in the U.S. is undercutting crude oil prices on concern states will have to delay... Read more