Gasoline RBOB Jan '19 (RBF19)Get Real-Time Futures
cmdty Insider - Gasoline RBOB Market Commentary
Dec WTI crude oil (CLZ18) on Tuesday closed with an extraordinarily steep loss of -$4.24 (-7.07%) per barrel and Jan Brent crude (CBF19) similarly closed down -$4.65 (-6.65%). Dec RBOB gasoline (RBZ18) closed down -9.40 cents a gallon (-5.74%). The energy complex sold off sharply Tuesday as Dec WTI crude oil slumped to a 10-3/4 month low, Jan Brent crude fell to a 7-month low, and Dec RBOB gasoline fell to a 13-month low on oversupply concerns and weak demand. Crude prices opened lower on carry-over weakness from President Trump's tweet late Monday that crude "should be much lower based on supply" and his explicit pressure on Saudi Arabia and OPEC to keep the oil spigot open and not cut production. Crude oil prices also saw continued weakness as Russia at the weekend OPEC+ meeting delayed a decision on whether it will support OPEC+ production cuts in 2019. Losses in crude then accelerated after OPEC in its monthly report cut its 2019 global crude demand for OPEC crude to 31.5 million bpd, down 500,000 bpd from its forecast in Sep and about 1.4 million bpd below its current production level. The outlook for increased crude supplies is also weighing on the energy complex as Wednesday's weekly EIA report is expected to show that U.S. oil inventories will climb +3.0 million bbl, the eighth consecutive weekly increase. U.S. crude oil inventories are currently 3.1% above the 5-year seasonal average, the highest such level since February.
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Dec WTI crude oil (CLZ18) on Tuesday closed with an extraordinarily steep loss of -$4.24 (-7.07%) per barrel and Jan Brent crude (CBF19) similarly closed...
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- WTI Crude Oil Dec 2018
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Bears in solid control as steep price downtrend in place. The market is now short-term oversold and due for a decent corrective bounce soon.