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Gasoline RBOB Apr '19 (RBJ19)

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Gasoline RBOB Futures Market News and Commentary

Crude Oil Rallies to a 3-1/4 Month High on Demand Optimism

Apr WTI crude oil (CLJ19) this morning is up +$0.74 (+1.30%) per barrel and Apr Brent crude (CBJ19) is up +$0.51 (+0.76%). Apr RBOB gasoline (RBJ19) is up +0.071 cents per gallon (+0.40%). The energy complex rallied to 3-1/4 month highs this morning on optimism the U.S. and China will find a resolution to their trade conflict, which could boost global economic growth and energy demand. Crude prices have been firm for most of this week on signs of smaller global supplies after Tuesday's report that Saudi Arabian crude exports fell sharply by -1.3 million bpd in the first half of Feb compared with the same period last month. Another supportive factor is today's projection from tanker tracker Oil Movements that OPEC crude oil shipments will decline by -260,000 bpd to 24.08 million bpd in the four weeks to March 9. Gasoline prices also have carry-over support from Thursday's EIA data showing that weekly EIA gasoline stockpiles fell -1.454 million bbl, a bigger decline than expectations of -500,000 bbl. Thursday's weekly EIA data was mostly bearish as it showed a +0.8% w/w increase in U.S. crude production the week of Feb 15 to a record high of 12.0 million bpd and also showed that U.S. crude inventories rose +3.67 million bbl to a 1-1/4 year high of 454.5 million bbl, above expectations of +3.0 million bbl increase. In addition, crude stocks at Cushing, the delivery point for WTI crude oil futures, jumped +3.41 million bbl to a 13-month high.
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