Gasoline RBOB Dec '19 (RBZ19)
Gasoline RBOB Futures Market News and Commentary
Dec WTI crude oil (CLZ19) on Wednesday closed up by +1.49 (+2.73%), Dec Brent crude oil (CBZ19) closed up by +1.47 (+2.46%), and Dec RBOB gasoline (RBZ19) closed up by +0.0443 (+1.82%). The energy complex rallied to 3-week highs Wednesday on a weak dollar and a bullish EIA inventory report. Crude prices rallied sharply after the EIA reported Wednesday that U.S. crude oil inventories unexpectedly fell -1.7 million bbl versus expectations for a +3.0 million bbl build. Also, EIA gasoline inventories fell -3.10 million bbl to a 1-3/4 year low, more than expectations of -2.25 million bbl. On the negative side, crude supplies at Cushing, OK, delivery point of WTI futures, rose by +1.506 million bbl to a 2-month high. Crude prices have carry-over support on Tuesday's report from Reuters that said OPEC and its allies (OPEC+) will consider steeper cuts to crude production when they meet in December due to concern about weak global demand growth in 2020. However, Russian Energy Minister Novack s... Read more
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